Swiggy IPO Listing Date: The Initial Public Offering (IPO) of Swiggy, the top company in the food delivery sector, is going to open for investors this month. For a long time, investors were eagerly waiting for Swiggy’s IPO, and now after getting approval from the Indian market regulator SEBI, the company has shared the information about the date and price band of its IPO.
According to media reports, Swiggy’s IPO will open on 6 November 2024 and close on 8 November 2024. The price band has been fixed between Rs 371 to Rs 390 per share. However, Swiggy has not yet officially confirmed this information. Swiggy plans to raise Rs 11,300 crore through the IPO, which includes a fresh issue of Rs 4,500 crore and an offer for sale (OFS) of Rs 6,800 crore.
This is how the company will use IPO money
Swiggy had filed the draft papers using the confidential pre-filing route, and now it has become clear from the IPO documents where the company will use the funds. Swiggy will invest a major part of the amount raised from this IPO to repay the debt of its subsidiary Scooty. Apart from this, it will also invest in expanding Scooty’s dark store network and in the company’s technology and cloud infrastructure.
Of the IPO amount, Rs 586.20 crore will be spent on technology and cloud infrastructure, while Rs 929.50 crore has been earmarked for brand marketing and business promotion. Utilization of this amount will help the company to strengthen its hold in the Indian market and maintain its competitive edge.
This food company is so big
According to global startup data platform Traxon, Swiggy’s current valuation has reached US $ 13 billion. The company’s annual revenue is close to US $ 1.09 billion, which indicates that Swiggy’s position in the field of food delivery is quite strong. The proceeds from the IPO will help Swiggy in its growth plans, especially in expanding dark stores and reducing debt.