Swiggy seeks valuation of $11.3 bn; IPO to open on Wednesday

Swiggy IPO: Food delivery and quick-commerce major Swiggy, which is coming out with its initial public offering (IPO) on Wednesday, is seeking a valuation of about $11.3 billion.

Bengaluru-based company is aiming to garner Rs 11,327 crore from IPO, which will comprise a fresh issue of shares worth Rs 4,499 crore along with an offer for sale (OFS) of Rs 6,828 crore.

Swiggy has set a price band of Rs 371 to Rs 390 per share for its maiden public issue. issue will open for public subscription on vember 6 and conclude on vember 8.

Speaking about pricing, Swiggy Food Marketplace CEO Rohit Kapoor said, "We feel we have priced it right and we are looking forward to next few days."

valuation of Swiggy has been pegged at about $11.3 billion (about Rs 95,000 crore) at upper price band. Rival Zomato , which went public in July 2021, has a market valuation of Rs 2.13 lakh crore.

"Our pricing is in range of Rs 371-390 which corresponds to a value of about $11.3 billion roughly. It is t exact because it depends on where issue actually clears at end of day," Kapoor told PTI in an interview.

Asked about media reports regarding slashing valuation of Swiggy, Kapoor clarified that re has been lowering of valuation as real value of company is determined when transaction actually happens.

"This is all speculation in media on what value is. So fact of matter is, value has t gone up or down. value is exactly where it is supposed to be... I just want to set clearly on record that re has been lowering of valuation per se. re was a discovery process and at end of it, this is price that we collectively feel very good about," he ded.

issue comes amid a series of IPOs in recent past, including South Korean car maker Hyundai's mega Rs 28,000-crore issue.

Swiggy, founded in 2014, posted a loss of Rs 611 crore in quarter ended June 2024, narrowing from Rs 564 crore in same period last year.