Swiggy IPO gets subscribed 12% on Day 1

The food delivery platform launched its IPO in November 2024, aiming to raise approximately Rs 11,327 crore

by e4m Staff
Published: Nov 7, 2024 9:28 AM | 1 min read

Swiggy’s initial public offering (IPO) experienced a slow uptake on the first day with subscription levels at just 12% overall. It received 1,89,80,620 share applications against 16,01,09,703 shares offered on November 6, and is set to be open for subscription till November 8.

The food delivery platform launched its IPO in November 2024, aiming to raise approximately Rs 11327 crore. It set a share price range between Rs 371 and Rs 390 for its first public offering.

Founded in 2014, the platform’s financial performance has been mixed, with steady revenue growth but continuing losses. As of June 2024, it posted a gross revenue of Rs 3310 crore.

Swiggy plans to use the funds to expand its network of ‘dark stores’ for its Instamart grocery delivery service, enhance technology infrastructure, bolster brand visibility, and potentially acquire smaller companies to strengthen its position across various market segments.

In 2011, Sriharsha Majety and Nandan Reddy designed an e-commerce website called Bundl to facilitate courier service and shipping within India. Bundl was halted in 2014 and rebranded to enter the food delivery market. In January 2024, Swiggy also laid off 400 employees, 6% of its workforce, ahead of IPO.