Swiggy, the popular food and grocery delivery platform, plans to set its IPO price between Rs 371 and Rs 390 per share. If priced at the upper end, this would place the SoftBank-backed company’s valuation at $11.3 billion. Swiggy is expected to submit its red herring prospectus to SEBI later today.
This IPO, valued at Rs 11,300 crore, is among the largest in India this year. It is likely to open on November 6 and will include a secondary sale of Rs 6,800 crore through an offer for sale (OFS) and a primary capital raise of Rs 4,500 crore, which will go directly to Swiggy.
First filed with SEBI in April, this IPO has attracted significant interest from both global and domestic investors, including BlackRock, CPPIB, and SBI Mutual Fund.
Prosus, which holds a 31% stake in Swiggy through MIH India Food Holdings, is expected to recoup over half of its $1 billion investment by selling less than a fifth of its stake.
Swiggy’s last private valuation hit $10.7 billion in January 2022 after a $700 million funding round led by US asset manager Invesco.
