Swiggy Ltd's initial public offering (IPO) opens for subscription from November 6 to November 8, 2024. The total offering is valued at Rs 11,327 crore. This includes a fresh issue of 11.54 crore shares worth Rs 4,499 crore, while existing shareholders will sell up to 17.5 crore shares for Rs 6,828 crore.
The IPO price range is set between Rs 371 and Rs 390, with a minimum investment of 38 shares per lot. Before the launch, Swiggy’s unlisted shares are trading with a grey market premium (GMP) of Rs 12, down from a previous high of Rs 20.
SWIGGY vs ZOMATO
Krishna Patwari, Founder and Managing Director of Wealth Wisdom India Pvt. Ltd., explained that Swiggy is currently 4 to 6 quarters behind Zomato in food delivery and quick commerce, emphasizing Zomato’s better efficiency. Swiggy’s Gross Order Value (GOV) for FY25 is expected to be $3.3 billion, about 25% lower than Zomato’s.
Swiggy has around 14 million monthly active users compared to Zomato’s 20 million, but both companies have similar order rates. Swiggy’s average order value is slightly higher. Patwari noted that the IPO offers a good investment opportunity if Swiggy can boost basket sizes in quick commerce and grow its dark store network.
However, he warned that while the IPO may help Swiggy grow, questions remain about its profitability. Swiggy’s success post-IPO will depend on whether it can catch up to Zomato’s performance. Patwari advised those looking for quick returns to be cautious, as Swiggy’s recent losses raise concerns about its long-term financial health.
Ajay Lakhotia, Founder and CEO of StockGro, advised investors to look beyond comparing Swiggy with competitors. He emphasized the importance of understanding Swiggy’s path to profitability and whether the IPO price accurately reflects its potential. Lakhotia noted that IPO investments are not just about comparisons; they also require a clear view of the company’s journey and investment goals.
Gaurav Garg, a Research Analyst at Lemonn Markets, pointed out that while Swiggy’s valuation is lower than Zomato’s, improvements in its EBITDA and average order value could help narrow this gap in the future.
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