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Swiggy IPO: Accel, Elevation To See 34X Returns; Prosus To Pocket $500 Mn
- Accel India and Elevation Capital are set to make returns of more than 34x on selling Swiggy stakes in the company in its upcoming IPO. Prosus, the largest shareholder in Swiggy, is set to earn $500m by selling part of its stake, a 3x return on investment. Swiggy has set a price band of INR 371-INR 390 per equity share for its IPO, looking to raise INR 11,327 Cr. Norwest Venture Partners, Tencent, DST Global, Swiggy's cofounders, Goldman Sachs, Times Internet Limited, Harmony Partners, and Alpha Wave are also among the selling stakeholders.
- Tencent Cloud Europe to sell a smaller stake in Swiggy, but still set to earn 2.3x returns on its investment. DST Global is expected to reap a 4.1x gain by selling around 56.22 Lakh of its shares, whereas Coatue PE Asia is set to make 3.8x profits by selling 38.85 Lakh shares.
- Chinese food delivery company Meituan is selling 67.47 Lakh of its Swiggy shares, expected to see 4.3x returns. Swiggy has incurred losses; its rival, Zomato, which is already profitable, is far ahead in most metrics across food delivery, quick commerce, and going-out verticals. Investors are recommended to subscribe only with a long-term investment perspective.
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