Swiggy IPO: Swiggy sets IPO price band between Rs 371-390 per share

Food and grocery delivery platform Swiggy is set to price its upcoming IPO in the range of Rs 371-390 per share, according to sources. At the upper end, this pricing would peg the SoftBank-backed company’s valuation at $11.3 billion. Swiggy is expected to file its red herring prospectus with SEBI later today.

The Rs 11,300 crore IPO, one of the largest in India this year, is likely to open on November 6. The offering will include a secondary sale component of Rs 6,800 crore through an offer for sale (OFS) and Rs 4,500 crore in primary capital, which will flow directly into the company.

Originally filed with SEBI in April, the IPO has drawn participation from major global and domestic investors, including BlackRock, CPPIB, and SBI Mutual Fund.

Prosus, which owns a 31% stake in Swiggy through its affiliate MIH India Food Holdings, is anticipated to recover more than half of its $1 billion investment by selling less than one-fifth of its holdings.

Swiggy’s last private valuation was $10.7 billion in January 2022, following a $700 million fundraising round led by US asset manager Invesco.