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  3. Swiggy increases IPO size: Company to now raise Rs 5,000 crore in fresh…

Swiggy increases IPO size: Company to now raise Rs 5,000 crore in fresh issue up from Rs 3,750 crore

10 Sept 2024

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Key Takeaways

Swiggy increased its IPO size to $1.4 billion, showcasing financial recovery, though it still trailed Zomato in profitability and revenue.

Swiggy increased its IPO size to $1.4 billion, showcasing financial recovery, though it still trailed Zomato in profitability and revenue.

Swiggy

Swiggy

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Expert Analysis

Swiggy Increases Fresh Issue Size to Rs 5,000 Crore from Rs 3,750 Crore.

Expert Analysis:

  • Increased IPO Size: Swiggy is increasing its IPO size from Rs 3,750 crore ($450 million) to Rs 5,000 crore ($600 million) via a fresh issue.

  • Initial IPO Expectations: Swiggy was initially expected to raise $1.25 billion through its IPO, including Rs 3,750 crore ($450 million) in fresh issue and up to Rs 6,664 crore ($800 million) through the offer-for-sale.

  • Total IPO Size Increase: The total IPO size will rise from $1.25 billion to $1.4 billion, pending approval at the EGM on October 3.

  • Revenue Growth and Loss Reduction: Swiggy’s revenue grew 36%, from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24, while losses decreased 44%, from Rs 4,179 crore to Rs 2,350 crore, driven by stronger expense control ahead of its planned IPO later this year.

Publisher:money control