Swiggy IPO 2024: Issue size, allotment, listing details

What the Swiggy IPO covered

Swiggy’s initial public offering was a book-built main-board issue sized at ₹11,327.43 crore. The issue combined a fresh issue of 11.54 crore shares aggregating to ₹4,499.51 crore and an offer for sale (OFS) of 17.51 crore shares aggregating to ₹6,827.92 crore. The IPO was priced at ₹390 per share, within a stated price band of ₹371-₹390 per share. The equity shares carried a face value of ₹1. The offer was positioned as India’s second-largest IPO of the year after Hyundai Motor India, with institutional investors driving the final-day demand.

Key dates: bidding, allotment, credit, listing

The IPO opened for subscription on Wednesday, November 6, 2024, and closed on Friday, November 8, 2024. The basis of allotment was finalised on Monday, November 11, 2024. Allotted shares were scheduled to be credited to demat accounts by Tuesday, November 12, 2024. Swiggy’s shares listed on BSE and NSE on Wednesday, November 13, 2024.

Price band, lot size, and minimum application

Swiggy set the IPO price band at ₹371-₹390 per share, with the issue priced at ₹390. The lot size and minimum order quantity were both stated as 38 shares. These basic terms shaped retail participation, which later showed moderate demand compared with institutional bidding.

Anchor book: ₹5,085.02 crore raised

Before the public issue opened, Swiggy raised ₹5,085.02 crore from anchor investors. The anchor bid date was November 5, 2024, and the anchor book was described as having allocated shares worth ₹5,085 crore to over 75 global and domestic investors. It was also reported that the anchor book was oversubscribed by 25 times, highlighting the stronger pre-IPO institutional appetite relative to some other categories during early public bidding.

Subscription outcome: final-day institutional surge

Swiggy’s IPO was oversubscribed on the final day, ending at 3.59 times overall subscription (also reported as 3.6 times). Qualified institutional bidders (QIBs) were reported to have bid for six times the shares allocated to them on the last day, and QIB demand was also reported at 6.02 times subscription. Retail subscription was reported at 1.14 times, while non-institutional investors (NIIs) showed lower interest at 0.41 times. The late jump in QIB participation was a key feature of the bookbuilding.

Allocation snapshot: who got how many shares

Market data shared for the offer indicated a total of 29,04,94,914 shares on offer, alongside another stated figure of 29,04,68,426 equity shares for the main-board issue. The category split provided included anchor and ex-anchor QIB numbers, as well as NII and retail allocations.

Listing day: premium opening, then active trade

On listing day, Swiggy shares opened at ₹420 on the NSE, a 7.69% premium over the IPO price of ₹390. By 1 pm, the stock was reported at ₹439.20 on NSE, and at 11:53 a.m. it was reported trading at ₹442.35 on NSE. The listing played out amid subdued broader markets: the BSE Sensex fell by over 170 points to 78,495, while the Nifty50 slipped 61 points to 23,822 in early trade.

Valuation markers and the Zomato comparison

At the upper end of the price band, Swiggy was valued at over ₹95,000 crore. Zomato’s market capitalisation was reported at ₹2.2 lakh crore as of a Thursday market close, and also cited at ₹2.15 lakh crore in another market snapshot. Zomato’s own IPO history was referenced as context: it raised ₹9,375 crore in July 2021, and the stock was reported to have surged 192% over the last year, compared with the Nifty’s 32% gain. Zomato’s IPO price was ₹76, and it was reported to have closed at ₹291.70 on a Tuesday.

Regulatory overhang: CCI findings and prospectus risk

A Competition Commission of India (CCI) matter was highlighted as an “internal risk” in Swiggy’s IPO prospectus, with the document stating that any breach of the Competition Act may attract substantial monetary penalties. Separately, Reuters-reported findings said the CCI noted practices that breached competition laws, including exclusivity arrangements. The investigation was described as having begun in 2022 following complaints from the National Restaurant Association of India. The report said the next steps involve a final review and decision that could lead to penalties or mandated changes for both platforms.

Market reactions: Zomato stock moves around the news flow

Zomato’s shares were reported to have fallen 3% after one report and fell 3.22% to ₹247 on Friday following the Reuters-reported CCI findings. In another trading snapshot, Zomato shares were up nearly 1% in early trade while the broader market was under pressure. Earlier, Zomato shares were also reported ending down 1.7% at ₹248 on the BSE, and being down more than 15% from a 52-week high of ₹298.20 recorded on September 24.

How Swiggy described the use of proceeds

Swiggy said it planned to use IPO proceeds to invest in its arm Scootsy to expand the dark store network for its Q-commerce business. It also listed repayment and pre-payment of certain borrowings of Scootsy, investment in technology and cloud infrastructure, and brand marketing as uses of funds. The competitive context was clear in the filings and coverage, with Zomato’s Blinkit positioned as a direct rival to Swiggy Instamart.

Why this IPO mattered for investors watching the sector

The subscription pattern, especially the late QIB surge, underscored how institutional demand can reshape bookbuilding outcomes near close. The issue structure showed a balance between primary capital raise and investor exits through the OFS, with the OFS including sellers such as Prosus, Accel, Elevation Partners, Norwest, Tencent, and Meituan. The listing premium and active trading prices provided an immediate market check on pricing and sentiment. At the same time, the CCI-related disclosures and reporting added a clear regulatory watchpoint for both Swiggy and listed peer Zomato.

Closing summary

Swiggy’s ₹11,327.43 crore IPO moved from anchor allocation on November 5 to public bidding on November 6-8, with allotment finalised on November 11 and listing on November 13. The stock opened at ₹420 on NSE, above the ₹390 issue price, while sector and regulatory headlines remained in focus. The next confirmed milestone for investors is the ongoing regulatory process referenced in reporting, which is described as moving toward a final review and decision.