Swiggy IPO: Just a few more days, then the Diwali is coming. After that, people will be able to invest in an IPO. Sources say that the IPO will open after Diwali. If you also want to invest in this, then you have to wait until Diwali days. People are eagerly waiting to invest in Swiggy IPO. Market experts say that Swiggy’s IPO will open on November 6, 2024. Yes, you’ve heard right.
Investors can place bets on this issue till November 8. The food delivery platform aims to raise around ₹11,300 crore through the IPO. Under this, an OFS of Rs. 6,800 crore and fresh equity of Rs. 4,500 crore will be issued.
Here are the details
Some experts said that Swiggy’s valuation for the IPO was pegged at $11.2 billion, which is due to volatile market conditions and Hyundai’s weak IPO listing. The first plan was to list at a valuation of $15 billion or above. The company intends to use the funds raised to expand its presence through technology, cloud infrastructure, and its subsidiary Scooty, as well as in branding and business promotion over the next four to five years. Swiggy had filed the documents on April 30 through a confidential pre-filing route.
Swiggy is the well-known food and grocery delivery company. There are so many people who can’t live without Swiggy. Many people buy food or daily necessities from this app every day. On the other hand, there are many people who keep track of Swiggy shares. Investors keep a sharp eye on whether the company’s graph falls or rises. Many people don’t even know that Swiggy has been invested by veteran investment firms like Prosus and Softbank, which can sell their stake in this IPO.
Where will the money be used?
In terms of use of the money raised from the issue, Swiggy will invest around Rs 982 crore in its subsidiary Scootsy and expand the dark store network for its quick commerce subsidiary Instamart.
The company will invest Rs 586 crore in technology and cloud infrastructure. Apart from this, the company will invest Rs 929 crore in brand marketing and business promotion. The company will spend about Rs 137 crore to reduce debt.