Swiggy raises Rs 5,085 crore from anchor investors ahead of IPO opening

Marquee funds who participated within the anchor spherical embrace Kotak MF, ICICI Prudential MF, Constancy, Nomura, Axis MF, HDFC Life, ICICI Pru Life, Invesco, HSBC, Citigroup, Bofa Securities, Bandhan Multi Cap, Tata Massive Cap, Societe Generale, Avendus, Tata Massive Cap, SBI MF amongst others.

The difficulty includes a contemporary fairness sale of Rs 4,499 crore with a suggestion on the market (OFS) for 17,50,87,963 fairness shares.

The corporate has fastened the worth band at Rs 371-390 per share, the place traders can bid for 38 shares in a single lot and in multiples thereafter.

Forward of the problem opening, the corporate’s shares have been buying and selling with a GMP of Rs 12 within the unlisted market. This means a marginal premium of three% over the problem worth.The meals supply firm proposes to make use of the IPO proceeds for funding in its materials subsidiary Scootsy, funding in expertise and cloud infrastructure and likewise model advertising and enterprise promotion. This will likely be finished over a 4 to 5 yr interval.Swiggy competes with Zomato in India’s on-line restaurant and meals deliveries sector, and each have made main bets on a growth in “quick-commerce,” the place groceries and different merchandise are delivered in 10 minutes.The corporate has incurred internet losses in annually since incorporation and has unfavourable money flows from operations.

For the monetary yr ended March 2024, the loss stood at Rs 2,350 crore versus Rs 4,179 crore in FY23 and Rs 3,628 crore in FY22. Income from operations within the stated interval, nevertheless, doubled to Rs 11,247 crore in FY24 from Rs 5,704 crore in FY22.

Kotak Mahindra Capital, Citigroup International Markets, Jefferies India and Avendus Capital are the e book operating lead managers, whereas the registrar to the problem is Hyperlink Intime India.