Swiggy IPO has been subscribed 24 percent on the second day of the share sale on Thursday. The maiden share sale by the food delivery and quick-commerce major received bids for 3.79 crore shares against 16 crore shares on offer, according to data available with the NSE till 12.15 pm.
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The quota for retail individual investors (RIIs) received 73 percent subscription while the non-institutional investors part got subscribed 10 per cent. Earlier, the Bengaluru-based company collected Rs 5,085 crore from anchor investors.
Swiggy IPO GMP is indicating a tepid listing gain for the shares of the company on the exchanges on November 13 (Wednesday). According to IPO Watch and Investor gain which track the grey market premium activities, the shares of the company are commanding a GMP in the price range of Rs 6-15 in the unofficial market, indicating a listing gain of 1-3 percent.
The company’s shares are open for public subscription in the price range of Rs 371 to Rs 390 until November 8.
With this initial public offering (IPO), the company aims to raise Rs 11,327 crore, comprising a fresh issue of shares worth Rs 4,499 crore and an offer for sale (OFS) totalling Rs 6,828 crore.
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At the upper price band, Swiggy’s valuation is estimated at around Rs 95,000 crore. In comparison, rival Zomato, which went public in July 2021, currently holds a market valuation of Rs 2.25 lakh crore.
According to the draft prospectus, the proceeds from the fresh issue will be directed towards investments in technology and cloud infrastructure, brand marketing and business promotion, and debt repayment. Additionally, funds are earmarked for inorganic growth initiatives and general corporate purposes.
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