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Swiggy, the prominent food and grocery delivery platform, is gearing up for its highly anticipated initial public offering (IPO). The IPO is scheduled to launch on November 6th, 2024, with the company aiming to list at a valuation of $11.3 billion (approximately Rs 95,000 crore). This information was reported by Moneycontrol, citing multiple sources familiar with the matter.
The IPO will be structured as a combination of a fresh issue of equity shares worth Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore equity shares by existing shareholders. The OFS component will see participation from prominent investors such as Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius, and Tencent Cloud Europe BV.
Swiggy's IPO is expected to garner significant interest from investors. The company has witnessed impressive growth in recent years, establishing itself as a leading player in the online food delivery market. The IPO is seen as a key milestone for Swiggy, potentially unlocking further growth opportunities and expansion strategies. The company's strong brand recognition, extensive network, and growing user base are factors that are likely to attract investors to the IPO.
The IPO is set to conclude on November 8th, 2024, with the anchor book portion scheduled for November 5th. The price band of the IPO is yet to be fixed and is expected to be announced in the coming week. Swiggy's proposed IPO is expected to be a significant event in the Indian capital markets. The company's successful listing would further solidify its position in the food delivery sector and potentially influence the trajectory of other players in the industry.
Source: Swiggy IPO: Opening Date, Price, Size, All You Need to Know