[Update] Swiggy Sets IPO Price Band At INR 371-390

Update | October 30, 4:00 PM

Foodtech major Swiggy has announced to open its initial public offering (IPO) on November 6. 

“The price band of the offer has been fixed from INR 371 per equity share to INR 390 per equity share. Bids can be made for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter,” the company said in a statement. 

Notably, the offer will allocate at least 75% of shares to qualified institutional buyers (QIBs), with some shares set aside for anchor investors and mutual funds. 

Meanwhile, up to 15% is reserved for non-institutional bidders and 10% for retail individual bidders. 

Original | October 28, 6:34 PM

Foodtech major Swiggy has reportedly set the price band for its upcoming initial public offering (IPO) at INR 371-390.

At the upper end of the price band, the company will be valued at $11.3 Bn (about INR 11,700 Cr), Economic Times reported. The company is likely to file its red herring prospectus by tonight (RHP).

Earlier, it was reported that the company’s IPO would open for public bidding from November 6-8. Anchor bidding will take place on November 5.

Inc42 has reached out to Swiggy seeking comments on the development. The story will be updated on receiving a response. 

Notably, the company was earlier targeting a valuation of $15 Bn for the IPO. Last week, a report said that Swiggy planned to cut its valuation target to $12.5 Bn to $13.5 Bn owing to the sharp fall in the Indian stock market recently.

Earlier this month, Swiggy’s investor Invesco had valued the startup at $13.3 Bn, about $2 Bn more than what the foodtech giant is targeting now.  

Further, the company also received the approval from its shareholders to increase the fresh issue size to INR 5,000 Cr from the initial INR 3,750 Cr.

The company filed its updated draft red herring prospectus (DRHP) in September. It is said to be looking to raise INR 4,500 Cr via a fresh issue of shares and up to INR 7,226 Cr via offer for sale.

Notably, the company has been rolling out a slew of services ahead of its IPO. Earlier this month, the company launched its quick to prepare food service – Swiggy Bolt in select cities of India. 

It’s also piloting a high-priced concierge membership for high end experiences and events, which is available at an annual membership fee of INR 50,000–  named Rare Club. 

The foodtech giant also rolled out a bulk order service called ‘Swiggy XL EV’, which is designed to serve large groups of people.