Swiggy Limited IPO : Essential Insights

IPO Details

  • Opening Date
  • Close Date
  • Allotment Date
  • Listing Date
  • Face Value
  • Issue Price
  • Market Lot
  • Total Issue Size
  • November 6, 2024
  • November 8, 2024
  • November 9, 2024
  • November 13, 2024
  • 1
  • 371 to 390
  • 38
  • 11327.43 Cr.
Swiggy Limited IPO
Financial
Directors
Contact

How to Analyze an IPO: A Comprehensive Guide for Investors

Overview

Swiggy Limited, headquartered in Bengaluru, is making its Initial Public Offering (IPO) with a dual offering structure: a fresh issue of equity shares aggregating up to ₹44,990 million and an Offer for Sale (OFS) comprising up to 175,087,863 equity shares. Founded as Bundl Technologies Private Limited in December 2013, Swiggy rebranded itself over the years and expanded its services from food delivery to include groceries, Instamart, and Genie, its pickup-and-drop service. This IPO marks Swiggy’s transition to the public markets, aiming to leverage the capital for growth and expansion in India’s competitive delivery market.

The IPO is structured as a 100% Book Built Offer, with a face value of ₹1 per share. The issue includes a fresh issue and OFS, with major shareholders like MIH India Food Holdings B.V. and Tencent Cloud Europe B.V. participating as corporate selling shareholders. The company has received in-principle approvals from BSE and NSE for listing, with NSE designated as the primary exchange.

Bidding for anchor investors opens on November 5, 2024, followed by the public bid opening from November 6 to November 8, 2024. The IPO is guided by SEBI’s Issue of Capital and Disclosure Requirements, and the Offer targets Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors, with allocations as per regulatory guidelines. The price band, final offer price, and minimum bid details will be determined in consultation with the lead managers and advertised in national publications.

Company Financial

Restated Summary Statement of Assets and Liabilities

Category As at June 30, 2024 As at June 30, 2023 As at March 31, 2024 As at March 31, 2023 As at March 31, 2022
ASSETS
Non-current assets
Property, Plant & Equipment 467.86 355.60 452.79 313.75 311.58
Right-of-use Assets 592.70 567.03 587.80 545.83 462.21
Goodwill 696.47 325.77 696.47 325.77 10.91
Other Intangible Assets 291.26 306.58 304.31 319.74 16.27
Investment in Associates 60.27 66.47 60.36 66.97 -
Financial Assets (Investments) 1,682.99 1,312.20 1,382.28 1,616.40 1,280.02
Other Financial Assets 96.22 109.93 94.89 80.54 57.30
Income Tax Assets 174.07 177.43 160.30 157.45 109.17
Other Assets 57.08 26.05 53.60 31.49 24.64
Total Non-current Assets 4,118.91 3,247.06 3,792.79 3,457.95 2,272.11
Current assets
Inventories 56.30 10.90 48.69 10.64 17.74
Financial Assets (Investments) 2,918.32 4,692.95 3,728.47 4,857.15 9,067.98
Trade Receivables 1,189.59 950.17 963.85 1,062.35 1,111.93
Cash and Cash Equivalents 836.49 1,220.26 887.05 832.52 1,096.13
Bank Balances Other than Cash 3.01 1.41 3.80 31.40 7.74
Other Financial Assets 906.96 734.71 826.80 651.87 319.85
Other Assets 311.66 329.42 277.97 376.77 512.25
Total Current Assets 6,222.33 7,939.81 6,736.63 7,822.70 12,133.63
Total Assets 10,341.24 11,186.87 10,529.42 11,280.65 14,405.74
EQUITY AND LIABILITIES
Equity
Equity Share Capital 3.81 2.66 3.01 2.66 0.86
Instruments Entirely Equity in Nature 15,090.76 15,562.54 15,573.26 15,562.54 15,562.54
Other Equity (7,649.58) (6,904.60) (7,784.81) (6,508.59) (3,296.49)
Total Equity 7,444.99 8,660.60 7,791.46 9,056.61 12,266.91
Non-current liabilities
Financial Liabilities (Borrowings) 154.61 - 95.98 - -
Lease Liabilities 470.88 477.34 467.06 444.58 408.67
Other Financial Liabilities 3.78 37.39 - 37.44 18.59
Contract Liabilities 28.77 - 29.01 - -
Provisions 40.34 38.76 39.11 38.49 27.72
Total Non-current Liabilities 698.39 553.50 631.16 520.51 454.98
Current liabilities
Financial Liabilities (Borrowings) 102.00 - 115.21 - -
Lease Liabilities 184.73 148.48 185.94 155.02 99.54
Trade Payables 989.47 879.94 880.90 873.17 956.14
Other Financial Liabilities 632.73 700.50 639.42 391.66 382.66
Contract Liabilities 16.18 28.36 20.93 35.04 22.69
Other Liabilities 189.41 133.27 185.67 166.69 162.22
Provisions 83.35 82.22 78.73 81.94 60.59
Total Current Liabilities 2,197.86 1,972.77 2,106.80 1,703.52 1,683.85
Total Liabilities 2,896.25 2,526.27 2,737.96 2,224.03 2,138.83
Total Equity and Liabilities 10,341.24 11,186.87 10,529.42 11,280.65 14,405.74

Statement of Profit and Loss

Category Three months ended June 30, 2024 Three months ended June 30, 2023 Year ended March 31, 2024 Year ended March 31, 2023 Year ended March 31, 2022
Income
Revenue from Operations 3,222.22 2,389.82 11,247.39 8,264.60 5,704.90
Other Income 87.89 119.83 386.96 449.86 414.88
Total Income 3,310.11 2,509.65 11,634.35 8,714.45 6,119.78
Expenses
Cost of Materials Consumed 7.77 14.36 61.08 72.00 51.05
Purchases of Stock-in-Trade 1,195.15 897.02 4,554.75 3,301.95 2,224.54
Changes in Inventories of Stock-in-Trade (7.55) (1.33) (11.63) 6.92 (7.55)
Employee Benefits Expense 589.19 485.78 2,012.16 2,129.82 1,708.49
Finance Costs 19.83 17.40 71.40 58.19 48.38
Depreciation and Amortisation Expense 121.67 91.30 420.59 285.79 170.09
Other Expenses
- Advertising and Sales Promotion 445.37 487.13 1,850.80 2,501.16 2,005.07
- Delivery and Related Charges 1,046.05 749.00 3,351.06 2,834.94 2,068.81
- Others 490.49 331.90 1,637.18 1,693.62 1,305.56
Total Expenses 3,907.96 3,072.56 13,947.38 12,884.40 9,574.45
Loss before Share of Loss of Associate, Exceptional Items, and Tax (597.85) (562.91) (2,313.04) (4,169.95) (3,454.68)
Share in Net Loss of Associate (0.09) (0.50) (6.61) (0.10) (1.02)
Loss before Exceptional Items and Tax (597.94) (563.41) (2,319.65) (4,170.05) (3,455.69)
Exceptional Items (13.07) (0.67) (30.59) (9.26) (173.20)
Loss before Tax (611.01) (564.08) (2,350.24) (4,179.30) (3,628.90)
Tax Expense
- Current Tax - - - - -
- Deferred Tax - - - - -
Total Tax Expense - - - - -
Loss for the Period/Year (611.01) (564.08) (2,350.24) (4,179.30) (3,628.90)
Other Comprehensive Income (OCI), Net of Tax
Items not Reclassified Subsequently to Profit/Loss 5.46 - 93.17 (9.59) -
- Re-measurement Gain/(Loss) on Defined Benefit Plans (0.23) 1.26 1.12 (3.28) (2.33)
Other Comprehensive Income/(Loss) for the Period/Year 5.22 1.26 94.29 (12.87) (2.33)
Total Comprehensive Loss for the Period/Year, Net of Tax (605.78) (562.83) (2,255.95) (4,192.17) (3,631.23)

Board of Directors of Company

Here is the list of the Board of Directors for Swiggy Limited, along with their designations:

1. Anand Kripalu – Chairman and Independent Director

2. Sriharsha Majety – Managing Director and Group Chief Executive Officer

3. Lakshmi Nandan Reddy Obul – Whole-time Director – Head of Innovation

4. Shailesh Vishnubhai Haribhakti – Independent Director

5. Sahil Barua – Independent Director

6. Suparna Mitra – Independent Director

7. Anand Daniel – Nominee Director (Non-Executive)

8. Ashutosh Sharma – Nominee Director (Non-Executive)

9. Sumer Juneja – Nominee Director (Non-Executive)

10. Roger Clark Rabalais – Nominee Director (Non-Executive).

Company contact Details

Registered and Corporate Office:
No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer Ring Road, Devarbisanahalli, Bengaluru 560103, Karnataka, India

Contact Person:
M. Sridhar, Company Secretary and Compliance Officer

Email:
secretarial@swiggy.in

Telephone:
+91 95907 56603

Website:
www.swiggy.com