IPO · Commerce & Consumer Brands

Swiggy lists on stock exchanges at a premium

By Startup Enthusiast · 13 November 2024

What they do

Swiggy is a food delivery and quick commerce platform that owns its delivery operations

It listed on NSE and BSE on 13 Nov 2024, raising ₹11,327.43 crore through an IPO that was oversubscribed 3.6 times, with a 7.69% premium on NSE

The listing gives employees potential ESOP payouts of ~₹9,000 crore and Prosus a profit of $2.12 billion

Swiggy listed on the NSE and BSE on 13 November 2024.
The IPO included a fresh issue of 11.54 crore shares worth ₹4,499 crore.
It also had an offer for sale of 17.51 crore shares worth ₹6,828.43 crore.
The IPO price band was ₹371-390 per share.
On the NSE, the listing price was ₹420, a 7.69% premium over the upper price band.
On the BSE, the listing price was ₹412, a 5.64% premium.
The IPO was oversubscribed 3.6 times.
Anchor investors committed over $600 million, including BlackRock, Fidelity, and SBI Mutual Fund.

Swiggy's market cap at listing was ₹99,745 crore ($11.87 billion).
This is an 18.4% increase from its last private valuation of $10 billion at the DRHP filing.
Swiggy trails rival Zomato by 4-6 quarters in key metrics, per Macquarie research.
Zomato's market cap of $27.23 billion is more than twice Swiggy's.
Zomato CEO Deepinder Goyal congratulated Swiggy on X, and Swiggy replied with a reference to the film Sholay.

Swiggy is a food delivery and quick commerce platform.
It owns its delivery operations to ensure on-time delivery.
It launched Instamart in 2020 for grocery and everyday essentials quick commerce.
Seed stage monthly GMV was ₹3.5 lakhs.
Swiggy has 14 million monthly transacting users, compared to Zomato's 20 million.
Swiggy's average order value is slightly higher than Zomato's, but its contribution margin is lower due to higher discounting.

CEO Sriharsha Majety expects solid growth over 3-5 years.
Swiggy plans to expand its geographical footprint and Instamart store network.

Prosus (existing) — Invested ~₹9,055 crore ($1.07 billion), made ₹26,927 crore ($3.2 billion) in IPO, profit $2.12 billion.
Tencent (existing) — Invested ₹1,343 crore, made ₹3,166 crore, 2.35X return.
SoftBank (existing) — Invested ~₹6,743 crore ($800 million).
Elevation (existing) — Made seed investment in October 2014.
Accel (existing) — Strong bet on Swiggy.