The institutional investor portion of Swiggy’s $1.4-billion initial public offering (IPO) reached full subscription on the final day of the sale on Friday, though the overall subscription stood at 79 per cent. The IPO set aside almost three-quarters of its allocation for institutional investors, while the retail investor portion remains partially unsubscribed.
Swiggy’s IPO garnered a 35 per cent subscription rate on its second day, Thursday, following a 12 per cent take-up on Wednesday’s opening day. According to National Stock Exchange data, the IPO received bids for 1,89,80,620 shares against the 16,01,09,703 shares available.
The IPO, India’s second-largest public offering for a quick commerce entity, aims to raise Rs 11,327 crore, including a fresh issue of Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore. Shares are priced between Rs 371 and Rs 390, open for public subscription from November 6-8.
Based in Bengaluru, Swiggy is currently valued at around $11.3 billion (approx. Rs 95,000 crore) at the upper price estimate. Leading the offering are Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, BofA Securities India, Jefferies India, ICICI Securities, and Avendus Capital.