The initial public offer (IPO) of online food delivery platform Swiggy can open on 6 November. Investors will be able to bid for this issue till November 8.
The company has fixed the price band of Rs 371 to Rs 390 per share for this. Bloomberg has given this information quoting sources.
Swiggy is planning to raise $1.35 billion (about Rs 11,700 crore) through this issue. According to reports, the company will issue fresh shares worth Rs 4,500 crore for this.
Whereas the remaining shares worth Rs 6,800 crore will be sold by existing investors through Offer for Sale (OFS).
On Sunday, the company set the new valuation for the IPO at $ 11.3 billion (Rs 95 thousand crore), which is about 25% less than the previous valuation.
BlackRock and CPPIB will invest Rs 11,774 crore
BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest $ 1.4 billion (Rs 11,774 crore) in this IPO. This will be the second largest stock offering in the country this year.
Indian stocks have continued to fall for four consecutive weeks, the longest decline since August 2023. Due to continuous foreign selling, the Nifty-50 index is down more than 8% from the record high of September 27.
Swiggy's revenue to increase by 36% in FY 2024
Meanwhile, the financial condition of Swiggy has also improved. Swiggy's revenue increased by 36% to Rs 11,247 crore in FY 2024, from Rs 8,265 crore in its previous financial year.
During this period, the company also reduced its losses by 44% and in the financial year 2024 it stood at Rs 2,350 crore, which was Rs 4,179 crore in the previous year. The company has been helped in reducing losses by keeping its costs under control.
Although Swiggy's performance is lower than that of Zomato, it has still narrowed the gap to its rival in FY24. Zomato recorded revenue of Rs 12,114 crore in FY24, while Swiggy's revenue stood at Rs 11,247 crore. Similarly, Zomato made a profit of Rs 351 crore, while Swiggy had a loss of Rs 2,350 crore.
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