Swiggy Ltd. share price target

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.

Swiggy delivered a revenue of INR39.9b in 3QFY25 (up 11% QoQ) vs. our estimate of INR38.9b. The food delivery (FD) business’s GOV grew 19.2% YoY, whereas the contribution margin was 7.4%, recording 80bp QoQ expansion.

IPO Note - Swiggy Limited Issue Snapshot: Issue Open: November 6 November 8, 2024 Price Band: Rs. 371 390 (Employee discount of Rs 25 per share) *Issue Size: Up to Rs 11327 cr (Fresh issue of up to Rs 4499 cr + Offer for sale of Up to 175,087,863 eq sh) Reservation for: QIB atleast 75% eq sh Non-Institutional upto 15% eq sh Retail upto 10% eq sh Face Value: Rs 1 Book value: Rs 33.61 (June 30, 2024) Bid size: - 38 equity shares and in multiples thereof 100% Book built Issue

IPO NOTE

Swiggy Limited, founded as Bundl Technologies Private Limited in 2013, has grown into one of India’s leading food delivery and hyperlocal logistics companies. The company’s core offerings include on-demand food delivery, grocery delivery and local parcel logistics.