Swiggy on Wednesday announced a price band of ₹371-390 for its initial public offering (IPO) that will mobilise ₹11,330 crore.

The food delivery platform said it has not experienced any moderation in urban demand on its business.

This comes at a time listed FMCG firms such as Hindustan Unilever Ltd have reported disappointing numbers for the second quarter ended September 30, 2024 citing a slowdown in urban demand.

“We are also reading about it, but we are not seeing that yet in the business. So far, we have not seen the impact of demand on our business,” its chief financial officer Rahul Bothra said.

He added that the FMCG giants cater to a broader group of urban consumers unlike Swiggy which has around 14 million users and serves only a small part of the consumer base.

Pointing out the company is optimistic about the demand, Bothra said Swiggy will be watching the space “closely”. He further disclosed that Swiggy is experiencing faster growth in its quick commerce business.

The IPO will be open for subscription from November 6-8. Investors will have to subscribe to a minimum of 38 shares and in multiples of 38 thereafter.

Primary market circles expect a strong demand from investors including the retail segment which recently gave a lukewarm response to the mammoth share float from Hyundai Motor India.

At the upper end of the price band, the offering will garner ₹11,330 crore from the issue, which includes fresh issue of shares worth ₹4,490 crore.

The secondary share sale includes exits or partial exits by venture capital fund Accel India, Tencent Cloud Europe and Alpha Wave Ventures.

The 2014-founded company has never had a full year of profits, but showed an operating profit in the June quarter.