Swiggy raises Rs 5,085 crore from anchor investors ahead of IPO launch

BlackRock, Fidelity, Nomura, BNP Paribas, and Allianz Global are among more than 75 foreign and domestic investors who subscribed to the Rs 5,085 crore anchor portion of food and grocery delivery firm Swiggy’s initial public offering (IPO) on Tuesday.

Indian investors included SBI Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund and HDFC Life, Swiggy informed the exchanges.

The anchor investors have been allotted shares at Rs 390 apiece – the upper end of the price band of Rs 371-390 per share set for the IPO. More than half of the anchor book has been allotted to domestic investors.


The Bengaluru-based company will launch its public issue on Wednesday.

The Rs 11,327 crore IPO – one of the largest in India this year – will include a primary issue of Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore.

ET reported on November 1 that the anchor book had received 25 times more bids than the shares on offer.

Through the OFS component, investors including Prosus, Accel, Elevation Capital, Meituan and Tencent, in addition to Swiggy’s founders Sriharsha Majety, Nandan Reddy and Rahul Jaimini are looking to sell a total of over 175 million shares in the IPO.

At the top end of the price band, the company is seeking to go public at a valuation of over Rs 95,000 crore—6% higher than its last private round in January 2022. Swiggy’s chief rival, Zomato, on Tuesday achieved a market capitalisation of Rs 2.1 lakh crore.

In an interview with ET on October 30, Majety, who is also Swiggy’s group CEO, said the company’s IPO valuation is not linked to Zomato but reflects its current scale and future growth plans.

Swiggy and Zomato compete in food delivery and quick commerce via Instamart and Blinkit. Zepto is another prominent player in the quick commerce space, having raised over $1 billion in the past four months. Zomato is looking to raise Rs 8,500 crore through the qualified institutional placement (QIP) route.