November is set to be a promising month for stock market investors, with several new IPOs lined up.
One of the most anticipated IPOs is from the food delivery company, Swiggy.
Investors have been eagerly waiting for this IPO, and with SEBI’s approval now in place, there’s a buzz about its price band and opening date.
According to reports, Swiggy’s IPO is expected to open on 6th November 2024 and will close on 8th November 2024.
The IPO price band is likely to be between Rs 371 and Rs 390. However, Swiggy has not officially confirmed these details yet.
Swiggy’s IPO Size and Fund Utilization
Swiggy aims to raise Rs 11,300 crore through its IPO, which includes a fresh issue of Rs 4,500 crore and an offer for sale (OFS) of Rs 6,800 crore.
The company initially filed its draft through a confidential pre-filing route.
As per the IPO documents, Swiggy plans to use the funds to repay the debt of its subsidiary, Scooty, and to expand Scooty’s dark store network.
Additionally, Swiggy may allocate Rs 586.20 crore for tech and cloud infrastructure and Rs 929.50 crore for brand marketing and business promotion.
Swiggy’s Valuation and Upcoming IPOs
Swiggy is currently valued at approximately US$13 billion, with annual revenue reaching US$1.09 billion, according to Tracxn, a global startup data platform.
Alongside Swiggy, other IPOs are expected this month, including ACME Solar and NTPC Green, a renewable energy subsidiary of NTPC.
Though the exact price bands and dates for these IPOs are not yet disclosed, they are anticipated to be listed by the end of November.
