More than 75 anchor investors have contributed approximately $605 million (Rs 5,085 crore) to the foodtech giant Swiggy in advance of its eagerly awaited initial public offering (IPO). The initial public offering (IPO) of the Bengaluru-based company is set for Wednesday, November 6.
Swiggy disclosed the fundraise in a stock exchange filing on Tuesday. “The Exchange’s trading members are hereby notified that 13,03,85,211 equity shares have been subscribed for today at a price of Rs. 390 each under the Anchor Investors (AIs) portion of Swiggy Limited’s public issue,” the filing stated.
The anchor round reportedly involved participation from investors including BlackRock, Fidelity, SBI Mutual Fund, ICICI Prudential Mutual Fund, HSBC, Nomura, BNP Paribas, and Allianz Global.
With its IPO, Swiggy hopes to be valued at $11.3 billion. Although it reduced the valuation from its original plan of $12-15 billion, it enhanced the size of the new issue by 20% to Rs 4,499 crore.
Swiggy’s early investors, including Prosus, Accel, Elevation, and Norwest, will also receive a sizable payout from the public listing. The co-founders of the business, Rahul Jaimini, Nandan Reddy, and Sriharsha Majety, will also sell some of their shares.
From Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24, Swiggy reported a 36% increase in revenue. In the same time frame, it also reduced losses by 44% to Rs 2,350 crore.
Zomato will be the first foodtech company from the Indian startup scene to list on the stock exchange, followed by Swiggy. Almost 2.3 times Swiggy’s expected valuation, the Deepinder Goyal-led company went public in July 2021 and now has a market capitalization of about $25.84 billion.
