Nov 6, 2024
By: Sourabh Jain
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Bengaluru-based Swiggy’s initial public offering (IPO) is now open and will close on Friday, November 8.
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Swiggy has fixed a price band of ₹371 to ₹390 per share for its public issue.
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Swiggy is a Bengaluru-based food and grocery delivery platform. It also offers logistics and warehousing solutions for wholesalers and retailers.
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Swiggy is looking to raise ₹11,327.43 crore from the current IPO. This includes a fresh issue of ₹4,499 crore and an offer for sale (OFS) component of ₹6,828.43 crore.
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Investors can bid for a minimum of 38 shares and in multiples of 38 shares thereafter.
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Swiggy currently operates around 19,000 units for its quick commerce platform Instamart and over 600 dark stores across 43 cities. It has over 5,400 employees.
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The company’s income was ₹11,634.35 crore in FY24, up from ₹8,714.45 crore in FY23. The company reported a loss of ₹2,350.24 crore in FY24, down from ₹4,179.31 crore loss reported in FY23.
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The company faces tough competition from Zomato, which competes with Swiggy in all segments. The company has yet to report a PAT and faces high operational costs.
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Swiggy is currently commanding a grey market premium (GMP) of ₹20 per share.
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The funds raised will be used for investment in its subsidiary Scootsy, investment in technology, brand marketing, and more.
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