Food-delivery major Swiggy launches ₹10,000-crore QIP; book fully covered

Food-delivery major Swiggy on Tuesday opened its much-anticipated ₹10,000-crore ($1.1 billion) qualified institutional placement (QIP), barely a year after its stock-market debut. 

According to people familiar with the transaction, the share sale has drawn strong interest from both foreign and domestic institutional investors, with the book already fully covered. 

The term sheet reviewed by Business Standard shows an indicative offer price floor of ₹371 per share, implying a discount of 6.8 per cent to Monday’s closing price and 5 per cent to the Sebi-mandated floor of ₹390.51. Swiggy’s shares closed at ₹397.7 on the NSE up 3.1 per cent. The company is currently valued at ₹99,172 crore. 

At the indicative price, the company could issue about 269.5 million new shares, representing roughly 10.8 per cent of its pre-issue equity base of 2.49 billion shares. An email sent to the company seeking comment did not elicit a response at press time. 

This QIP marks one of the largest equity raises by a new-age consumer internet company in India. 

Swiggy plans to deploy the proceeds toward expanding its quick-commerce fulfilment network — particularly dark stores and warehouses — enhancing its technology and cloud infrastructure, stepping up brand-building efforts, and funding potential inorganic opportunities, subject to regulatory approvals. 

Kotak Mahindra Capital, JP Morgan India and Citigroup are acting as the book-running lead managers. The company has filed its preliminary placement document with the BSE and NSE. 

Swiggy had raised ₹11,327 crore in its November 2024 IPO, comprising ₹4,500 crore in fresh issuance and ₹6,828 crore through an offer for sale. The IPO was priced at ₹390 per share. The stock, however, has declined more than 25 per cent so far in calendar year 2025. 

In FY25, its consolidated cash balance  stood at ₹6,695 crore, compared to ₹5,370 crore in FY24.