IPO Corner: Swiggy Limited

Swiggy Limited will open its initial public offering on Wednesday, November 06, 2024. Bid/ Offer Closing Date will be Friday, November 08, 2024. Anchor Investor bidding date is Tuesday, November 05, 2024. The Price Band of the Offer has been fixed from ₹ 371 per Equity Share to ₹ 390 per Equity Share. Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter.

• Issue Opens on: November 6, 2024
• Issue Closes on: November 8, 2024
• Face Value: Rs 1 each
• Price Band: ₹ 371 – ₹ 390 Per Share
• Lot Size: 38 Equity Shares
• Listing On: BSE & NSE
• Listing Date: November 13, 2024

The IPO is a book-built issue of Rs 11,327.43 crores. The issue is a combination of fresh issue of 11.54 crore shares aggregating to Rs 4,499.00 crores and offer for sale of 17.51 crore shares aggregating to Rs 6,828.43 crores. The issue includes a reservation of up to 750,000 shares for employees offered at a discount of Rs 25 to the issue price. The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE.

Swiggy Limited provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food (Food Delivery), grocery and household goods (Instamart) and have orders delivered to their homes via an on-demand delivery partner network.

The company has five business units: Food Delivery; Out-of-home consumption, which includes restaurant visits and events; Quick Commerce for the delivery of grocery and household items on demand; Supply chain and distribution: business-to-business deliveries, warehousing, logistics and distribution for wholesalers and retailers.

The company’s platform enables restaurant reservations (Dineout) and event bookings (SteppinOut), product pickups/deliveries (Genie) and other hyperlocal commerce activities (Swiggy Minis and others). The company also offers a membership program called “Swiggy One” with discounts and offers, in-app payment solutions such as a digital wallet “Swiggy Money” (a prepaid payment instrument), “Swiggy UPI” and a Swiggy-HDFC Bank credit card for additional benefits.

Swiggy offers restaurant partners, merchant partners (who sell grocery and household items on the Swiggy platform) and brand partners, including alliance partners, comprehensive business enablement solutions such as analytics-driven tools to improve their online presence and user base, fulfillment services to streamline their supply chain and last-mile delivery.

As of June 30, 2024, Swiggy’s Instamart operated a large network of 557 Active Dark Stores across 32 cities in India and as of September 10, 2024, Instamart operated a network of 605 Active Dark Stores across 43 cities in India.