The Initial Public Offer (IPO) of online food delivery platform Swiggy may open on November 6. Investors will be able to bid for this issue till November 8. The company has fixed a price band of Rs 371 to Rs 390 per share for this. Bloomberg has given this information quoting sources. Swiggy is planning to raise $ 1.35 billion (about Rs 11,700 crore) through this issue. According to reports, the company will issue fresh shares worth Rs 4,500 crore for this. While the remaining shares worth Rs 6,800 crore will be sold by existing investors through Offer for Sale (OFS). On Sunday, the company fixed the new valuation for the IPO at $ 11.3 billion (Rs 95 thousand crore), which is about 25% less than the previous valuation. BlackRock and CPPIB will invest Rs 11,774 crore BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest $1.4 billion (Rs 11,774 crore) in this IPO. This will be the country’s second-largest stock offering this year. Indian stocks have been falling for four consecutive weeks, the longest decline since August 2023. The Nifty-50 index is more than 8% below its record high of September 27 due to continued foreign selling. Swiggy’s revenue increased by 36% in FY 2024 Meanwhile, Swiggy’s financial condition has also improved. Swiggy’s revenue grew 36% to Rs 11,247 crore in FY 2024, from Rs 8,265 crore in the previous financial year. At the same time, the company also reduced its losses by 44% during this period and it stood at Rs 2,350 crore in FY 2024, from Rs 4,179 crore in the previous year. The company has been able to reduce its losses by controlling its costs. Although Swiggy’s performance is less than Zomato, it has still reduced the gap with its rival in FY24. Zomato recorded a revenue of Rs 12,114 crore in FY 2024, while Swiggy’s revenue was Rs 11,247 crore. Similarly, Zomato earned a profit of Rs 351 crore, while Swiggy’s loss was Rs 2,350 crore.
