Madhuri Dixit buys Swiggy shares worth ₹1.5cr ahead of IPO
Bollywood actress Madhuri Dixit, has acquired shares in food and grocery delivery platform Swiggy, ahead of its upcoming initial public offering (IPO). The investment was made alongside Ritesh Malik, founder of Innov8 — a co-working space company now under OYO's umbrella. Each party invested ₹1.5 crore for an equal stake in Swiggy, totaling to a joint investment of ₹3 crore.
Investment details and Swiggy's performance
The shares were purchased from the secondary market, with each stock costing ₹345. This transaction was facilitated by Avendus, Swiggy's investment banker. In the secondary market, an existing investor sells their shares directly to a new investor without involving the company. Meanwhile, Swiggy has witnessed a 36% increase in revenue from ₹8,265 crore in FY23 to ₹11,247 crore in FY24.
Upcoming IPO and market expectations
Swiggy is preparing for its stock market debut later this year, with an upsized IPO valued at $1.4 billion. The company's losses have also reduced by 44% from ₹4,179 crore to ₹2,350 crore due to better expense management. This performance has led many investors to believe that Swiggy could potentially yield high returns, similar to Zomato's success post-IPO.
Celebrity interest in Swiggy's shares
Dixit is not the first celebrity to invest in Swiggy. Earlier in August, Amitabh Bachchan also acquired shares of the company. This trend indicates a growing interest among high-profile individuals to diversify their investments beyond Zomato, which has seen its share prices climb by 120% on a year-to-date (YTD) basis since its listing last year.
