Swiggy's Upcoming IPO: A Culinary Clash with Zomato

Swiggy, a leading food delivery and quick-commerce company, is set to launch its IPO, aiming to raise Rs 11,327 crore. A day before public subscription, it secured Rs 5,085 crore from anchor investors, signaling strong demand. The funds will aid technology investment and business expansion.

Ahead of its much-anticipated IPO, Swiggy has secured a robust investment of Rs 5,085 crore from anchor investors. This move portends high investor confidence and interest, with a notable list of investors stepping up, such as New World Fund Inc, Government Pension Fund Global, and BlackRock.

Swiggy plans to raise Rs 11,327 crore through the IPO, scheduled for public subscription from November 6 to 8. The shares, priced between Rs 371 to Rs 390, have already garnered significant attention. The transaction involves a mix of new shares and an offer for sale from Accel India, Tencent Cloud Europe, and others.

The Bengaluru-based company, valued at USD 11.3 billion, intends to channel the proceeds to bolster technology infrastructure, brand promotion, and strategic growth activities. This IPO arrives amid a slew of market debuts, further pressuring rival Zomato, which holds a market valuation of Rs 2.13 lakh crore.

(With inputs from agencies.)