New Delhi, November 8: The Rs 11,327-crore initial public offer of food delivery and quick-commerce major Swiggy fully subscribed on the final day of the share sale on Friday and ended with 3.59 times subscription. The initial share sale received bids for 57,53,07,536 shares against 16,01,09,703 shares on offer, translating into 3.59 times subscription, as per NSE data.
The portion for qualified institutional buyers (QIBs) subscribed 6.02 times, while retail individual investors (RIIs) received 1.14 times subscriptions. The quota for non-institutional investors fetched 41 per cent of subscriptions.
Swiggy on Tuesday said it has collected Rs 5,085 crore from anchor investors. Swiggy IPO Continues To See Poor Response From Investors on 2nd Day of Bidding, Completes 35% Subscription.
The Bengaluru-based company’s IPO has a price range of Rs 371-390 a share.
The company’s IPO (Initial Public Offer) has a fresh issue of shares worth Rs 4,499 crore, along with an offer for sale (OFS) of Rs 6,828 crore.
The valuation of Swiggy has been pegged at about USD 11.3 billion (about Rs 95,000 crore) at the upper end of the price band.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes. Ola Electric Net Losses Surge 43% to INR 495 Crore in Q2 FY25, Revenues Down 26.1% to INR 1,214 Crore.
Kotak Mahindra Capital Company Ltd, JP Morgan India Pvt Ltd, Citigroup Global Markets India Pvt Ltd, BofA Securities India Ltd, Jefferies India Pvt Ltd, ICICI Securities Ltd, and Avendus Capital Pvt Ltd are the book-running lead managers to the offer.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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