Swiggy Raises Rs 5,085 Crore From Anchor Investors

A day before its initial public offering opens, Swiggy Ltd. has raised Rs 5,085 crore by allocating 13.03 crore shares to high-profile anchor investors, including Fidelity and Blackrock, with sizeable participation from domestic investors.

Of the total allocation of 13.03 crore shares, about 5.3 crore shares or 40.65% of the total allocation were allocated to 19 domestic mutual funds.

Other prominent investors include Fidelity, Kotak, ICICI, HSBC, Nomura, Motilal, Kotak, 360One, BlackRock, and Norges.

Swiggy Ltd.'s initial public offering is set to open from Nov. 6 to Nov. 8, 2024 and is aimed at raising Rs 11,327.4 crore. The IPO comprises a fresh issue of 11.54 crore shares valued at Rs 4,499 crore and an offer-for-sale of 17.51 crore shares amounting to Rs 6,828.4 crore.

The price band for the IPO is set between Rs 371 and Rs 390 per share, with a minimum application size of 38 shares. This takes the minimum investment amount for retail investors to Rs 14,820.

The company will use the biggest part of its IPO fundraise—about Rs 1,200 crore—to expand its dark store network, while the rest will be used to repay borrowings and invest in technology and marketing.