IPO price band gauges Swiggy’s valuation at $11.3 bn

New Delhi: Food delivery and quick-commerce major Swiggy, which is coming out with its initial public offering (IPO) on Wednesday, is seeking a valuation of about $11.3 billion. The Bengaluru-based company is aiming to garner Rs11,327 crore from the IPO, which will comprise a fresh issue of shares worth Rs4,499 crore along with an offer for sale (OFS) of Rs6,828 crore. Swiggy has set a price band of Rs371 to Rs390 per share for its maiden public issue.

The issue will open for public subscription on November 6 and conclude on November 8. Speaking about the pricing, Swiggy Food Marketplace CEO Rohit Kapoor said, “We feel we have priced it right and we are looking forward to the next few days.” The valuation of Swiggy has been pegged at about $11.3 bn (Rs95,000 cr) at the upper price band. Rival Zomato, which went public in July 2021, has a market valuation of Rs2.13 lakh crore ($25 bn).

“Our pricing is in the range of Rs371-390 which corresponds to a value of about $11.3 billion roughly. It is not exact because it depends on where the issue actually clears at the end of the day,” Kapoor said.