Ahead of its IPO, Swiggy's Food Marketplace CEO Rohit Kapoor said the company as a whole is "very well positioned" and is looking at an organic growth trajectory for its quick commerce business Instamart.
The Bengaluru-based company is aiming to garner Rs 11,327 crore from the IPO, which will open for public subscription on November 6 and conclude on November 8.
In an interview to PTI, Kapoor said Swiggy is "not very acquisitive in nature" but is open to pursuing inorganic growth through acquisitions for the quick commerce arm Instamart if something exciting comes along.
"We are not averse to acquisitions but it has to make immense sense for us and it cannot be only for the purpose of adding revenues. It has to be for certain competencies and benefits. Right now, I think we feel very well positioned, we have the business, we have the technology and we have the people so unless and until something very very exciting comes along the way the likely scenario for Instamart is going to be more organic growth and investments," Kapoor said.
The Rs 11,327-crore IPO comprises fresh issue of shares worth Rs 4,499 crore, along with an offer for sale (OFS) of Rs 6,828 crore. The shares will be available for subscription in the price range of Rs 371 to Rs 390 apiece.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.
The issue comes amid a series of IPOs in the recent past, including South Korean car maker Hyundai's mega Rs 28,000-crore issue.
Swiggy, founded in 2014, posted a loss of Rs 611 crore in the quarter ended June 2024, narrowing from Rs 564 crore in the same period last year.
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