Marquee funds participating in the anchor round include Kotak MF, ICICI Prudential MF, Fidelity, Nomura, Axis MF, HDFC Life, ICICI Pru Life, Invesco, HSBC, Citigroup, BofA Securities, Bandhan Multi Cap, Tata Large Cap, Societe Generale, Avands, Tata Large Cap, SBI MF etc.
The issue consists of 17,50,87,963 equity shares with an Offer for Sale (OFS) of Rs. 4,499 crore includes new equity sale.
The company paid Rs. A price band of 371-390 has been set, where investors can bid for 38 shares in one lot and thereafter in multiples.
Before the launch of the issue, the shares of the company in the unlisted market were trading at Rs. were trading with a GMP of 12. This implies a marginal premium of 3% over the issue price.
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The food delivery company proposes to use the IPO proceeds for investment in its materials subsidiary Scooty, investment in technology and cloud infrastructure, and brand marketing and business promotion. This will be done over a period of four to five years.
Swiggy competes with Zomato in India’s online restaurant and food delivery sector, and both have made major bets on the boom in “quick-commerce”, where groceries and other products are delivered within 10 minutes.
The company has incurred net losses every year since incorporation and has negative cash flow from operations.
For the financial year ended March 2024, the deficit was Rs 2,350 crore as against Rs 4,179 crore in FY23 and Rs 3,628 crore in FY22. Income from operations in the period, however, in FY22 was Rs. 5,704 crore in FY24, doubling to Rs. 11,247 crores.
Kotak Mahindra Capital, Citigroup Global Markets, Jefferies India and Avandus Capital are the book running lead managers, while the registrar of the issue is Link Intime India.
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