India has emerged as a powerhouse in the global IPO market, with an impressive 239 initial public offerings (IPOs) hitting Dalal Street in the first nine months of 2024, making it the country with the highest number of IPOs this year.
Anticipated IPOs in the Final Stretch of 2024
The current IPOs are still lined up as the year 2024 nears its conclusion. Here are a few highly anticipated products that are anticipated to appear on the market in the coming weeks. Also read: How to Choose a 3D Printing Service in Perth: A Buyer’s Scorecard
IPO Swiggy: Swiggy, a leading food and grocery delivery platform, is expected to make its stock market debut in late October or early November, making it one of the most eagerly anticipated IPOs. Investors are excited because Swiggy’s offering has already been approved by SEBI.
Information regarding the IPO of Swiggy: The company intends to raise up to 5,000 crore through the initial public offering (IPO), which will consist of an offer for sale (OFS) of 18.53 crore equity shares and a fresh issue of 3,750 crore. Zomato, Swiggy’s main rival, went public in 2021, making this IPO even more significant because the two companies have been fiercely competing for market share.
Swiggy IPO’s recent growth has been largely driven by the success of its quick-commerce arm, Instamart, which saw a 100% increase in revenue in FY24. Swiggy IPO growth has been driven by Instamart. Bolt, a brand-new 10-minute food delivery service in select locations, and an XL fleet to handle large orders during the holiday season continue the company’s innovation as it gets closer to its IPO. Also read: Everyday Gold Buying Trends in Two Distinct Districts
Strong Business Growth and Financial Performance
Swiggy’s business growth is evident from its increasing user base and transaction volumes. The platform’s average monthly transacting users rose from 10.16 million in FY22 to 15.86 million in FY24. The gross order value (GOV) increased from ₹20,122.26 crore in FY22 to ₹34,969.08 crore in FY24, while consolidated gross revenue surged from ₹6,860.44 crore to ₹12,320.31 crore during the same period. Also read: Hot Rolled Steel vs Cold Rolled Steel: Key Differences
Positive Momentum in FY25
Further growth is seen in the first three months of FY25, where the GOV jumped from ₹8,277.17 crore in FY24 to ₹10,189.59 crore in FY25, and consolidated gross revenue increased from ₹2,693.85 crore to ₹3,477.29 crore.
Food Delivery: The Largest Revenue Contributor Also read: Internet Marketing in 2026: How the Channel Mix Has Shifted and What That Means for Your Budget
Swiggy’s Food Delivery segment remains its largest revenue contributor, with GOV rising from ₹18,478.83 crore in FY22 to ₹24,717.44 crore in FY24, and gross revenue growing from ₹3,974.59 crore to ₹6,081.55 crore. Meanwhile, the Quick Commerce segment, which is Swiggy’s third-largest, posted the highest percentage growth, with GOV surging from ₹1,224.83 crore in FY22 to ₹8,068.57 crore in FY24, and gross revenue skyrocketing from ₹124.22 crore to ₹5,421.70 crore.
Narrowing EBITDA Losses: A Positive Sign Also read: From Idea to Platform: How Fintech Software Is Built for Scale and Compliance
Despite Swiggy’s growth making its IPO as trending in the list of current IPOs, the company has been facing EBITDA losses across all segments. Encouragingly, these losses have narrowed over the past three years, with the food delivery segment reporting a positive EBITDA of ₹57.84 crore for the first three months of FY25.
So, with all said and done, the Swiggy IPO gives you a reason to invest. We see investors will be closely watching its growth trajectory, cost management strategies, and efforts to drive profitability in the coming quarters.
