INDIA – Food delivery giant Swiggy has announced investors like Norway’s sovereign wealth fund Norges and Fidelity have placed bids worth more than US$15 billion in Swiggy’s India IPO, 25 times the initially targeted US$605 million.
Swiggy’s IPO allotment status is expected to be finalized on November 11, with refunds and share transfers to Demat accounts scheduled for November 12. The company aims for a tentative listing date of November 13.
This US$1.35 billion IPO, marking India’s second-largest stock offering this year, follows an adjusted valuation of US$11.3 billion for Swiggy—down 25% from its prior US$15 billion estimate due to a recent market correction.
The IPO’s anchor book for institutional investors reportedly attracted over US$15 billion in bids, indicating significant interest in India’s expanding food delivery and quick-commerce markets.
Internal sources identified major investors, including Norges Bank Investment Management, Fidelity International, Capital Group, BlackRock, and the Canada Pension Plan Investment Board.
The sources revealed these investors to Reuters on October 31.
With rapid growth forecasted, quick commerce sales in India are expected to hit $6 billion this year, up from US$100 million in 2020, according to Datum Intelligence.
Swiggy, alongside competitors like Zomato and Reliance, is leveraging quick commerce to deliver a range of goods—from groceries to electronics—in minutes, rivaling delivery times of global companies like Amazon.
The Swiggy IPO’s book-running lead managers include Kotak Mahindra Capital, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, Bofa Securities India, and ICICI Securities. Link Intime India is the issue’s registrar.
Proceeds from the IPO will go toward strategic initiatives such as debt repayment for subsidiary Scootsy, expanding Swiggy’s dark store network within the quick commerce segment, investing in technology and cloud infrastructure, and brand marketing to increase platform visibility.
The move is considered an important milestone in India’s food delivery market.
Swiggy, founded in 2014, operates a food ordering and delivery platform. The app allows users to place orders for food, groceries, and household goods.
The company’s major business verticals include food delivery, dine-out booking, quick commerce (Instamart), and parcel delivery business (Genie).
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