Subscribe for Swiggy Ltd IPO; Geojit Financial Services

Geojit Financial Services, has come out with its report on Swiggy Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on November 05 2024.

Broker Research

November 06, 2024 / 10:57 IST

IPO

Geojit Financial Services, Swiggy Ltd

Swiggy Ltd., (Swiggy) established in 2013, is a new-age, user-centric technology company offering a comprehensive convenience platform through a single app. Users can order food, groceries, and household items (Instamart) for doorstep delivery via an on-demand network. The platform also includes restaurant reservations, product pick-up/drop-off services (Genie), and other hyperlocal commerce activities. Swiggy enhances its offerings with membership programs like Swiggy One, Swiggy Money, and the Swiggy-HDFC Bank credit card.

Valuation and Outlook

At the upper price band of ₹390, Swiggy is available at Mcap/sales of 7.8x (on FY24 financials), which appears to be fairly priced. We assign a “Subscribe” rating for the issue on a long term investment basis, considering its strong brand recall, diversified offerings, integrated app, rapid scaling, consistent innovation, expansion of dark stores, and promising industry outlook.

For all IPO report, click here