Swiggy raises $605 million from anchor investors as part of $1.35 billion IPO

Food and grocery delivery firm Swiggy on Tuesday closed the anchor portion of its initial public offering (IPO), allocating shares worth $605 million (nearly Rs 5,100 crore) to domestic and foreign investors, according to sources briefed on the development.

More than 75 Investors including Blackrock, Fidelity, SBI Mutual Fund, ICICI Prudential Mutual Fund, HSBC, Nomura, BNP Paribas and Allianz Global participated in the anchor investment round.

Other domestic investors that participated in the anchor book include insurance companies such as ICICI Prudential Life, HDFC Life, SBI Life in addition to global investors such as Norges, Capital Group, and the British Columbia Investment Management Corporation (BCI), a source said.

ET had reported on November 1 that the anchor book had received 25 times more bids than the shares on offer through this portion of the offering.

“The anchor book saw wide interest from both domestic and international institutional investors with almost 56% of the book being allocated to domestic institutional investors,” one of the persons said.

The investors have been allocated shares at Rs 390 apiece – the upper end of the price band (Rs 371-390) set for Swiggy’s IPO.

At this price band, the company is seeking to go public at a valuation of $11.

3 billion – 6% higher than its last private round in January 2022, which valued Swiggy at $10.

7 billion.

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

The Rs 11,300 crore IPO – one of the largest in India this year – will include a secondary sale component of Rs 6,800 crore through an offer for sale (OFS) and Rs 4,499 crore in primary capital, which will flow directly into the company.

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