Swiggy IPO may start for public subscription from November 6-8, more details see: Report

Swiggy may launch initial public offering (IPO) for public subscription from November 6 to 8, with the main book portion scheduled for November 5, Moneycontrol reportedciting numerous unnamed sources. HT could not independently verify the information.

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Swiggy is targeting an IPO valuation of US$11.3 billion at the top end of the price range, and the underlying component of the issue has been increased to approx. ₹4,500 crores (Instagram/@swiggyindia)

Swiggy is targeting an IPO valuation of US$11.3 billion at the top end of the price range, and the underlying component of the issue has been increased to approx. ₹4,500 crore, according to the report, which added that the total size of the IPO could be between ₹11,700 crore to ₹11,800 crores.

The updated draft prospectus of Red Herring – I states that the IPO has a new issue component ₹3,750 crore and an offer for sale (OFS) of up to 182,286,265 shares.

Swiggy’s main rival is Zomato, and the two together almost have a duopoly in the food delivery business. Zomato is already listed, after it moved to a ₹9,375 crore IPO and its stock has recently gained 136.68% over the past year, the report said.

When it comes to fast commerce, Swiggy’s Instamart competes with Zomato’s Blinkit, Zepto and Tata’s BigBasket.

However, Zomato is also looking to raise funds, but through the Qualified Institutional Placement (QIP) route.

Currently, Prosus (32%), SoftBank (8%) and Accel (6%) are key investors in Swiggy, while Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA) and Singapore’s GIC, among many others, are also shareholders

On September 24, Swiggy filed its IPO documents through the confidential route, which allows companies to keep the offering document secret until it executes its IPO plan.