Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Swiggy IPO: Retail portion gets 54% subscription, employees subscribe 74% of allotted shares on Day 1

Swiggy IPO was subscribed 12% on the first day of its book building mainly driven by bids from employees and retail investors.

Swiggy IPO: Retail portion gets 54% subscription, employees subscribe 74% of allotted shares on Day 1

Wednesday November 06, 2024 , 2 min Read

Quick commerce and food delivery giant Swiggy's public issue’s retail portion was subscribed by 54% on the first day of its book-building process. 

The entire issue was subscribed 12% with significant traction from employees, retail investors and some bids from non-institutional investors.

According to data pulled from BSE, the non-institutional investor category purchased 6% of their allocated shares, while employees purchased 74% of subscription shares allocated to them by the end of day one. 

Qualified Institutional buyers (QIBs) which typically invest on the last day to gauge overall market demand did not make significant bids on the first day.

Sriharsha Majety-led Swiggy raised nearly Rs 5,085 crore (about $605 million) from anchor investors, which included life insurance and mutual fund arms of  HDFC, ICICI and SBI. 

The pre-IPO funding was raised from more than 75 key anchor investors at the upper band of its share price of Rs 390. The anchor book saw participation from eight of the top 10 domestic mutual funds in the country including SBI, ICICI Prudential, Kotak, Nippon India, and Mirae Asset Management. 

Also Read
Blinkit expansion comes with steep costs for Zomato, hurts bottom line

Swiggy’s IPO consists of 11.54 crore equity shares for fresh issue along with an offer for sale of 17.51 crore equity share by existing stakeholders in the company including Accel, Elevation Capital and Prosus. 

Swiggy, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 - Rs 390 per equity share. It is seeking a valuation of around Rs 87,000 crore or about $11.3 billion.


Edited by Affirunisa Kankudti