The initial public offering (IPO) of the giant food delivery and quick-commerce company Swiggy Ltd. will go live on Wednesday, November 6.
The Bengaluru-based business plans to raise Rs 11,327 crore (USD 11.3 billion) by selling new equity shares for Rs 4,499 crore, along with RS 6,828 crore for an offer-for-sale (OFS) component.
According to consolidated bid data, bids for over 19.75 crore shares were received for the NSE issue, resulting in an overall subscription of 38.92 times the 50.76 lakh shares that were available.
Subscription across categories
The retail sector had the highest subscription rate for the Swiggy IPO. The retail portion was booked 0.49 times, with applications for over 1.40 crore shares, compared to the 2.89 crore shares set aside for the category.
The non-institutional investors (NIIs) placed bids for nearly 20.16 lakh shares, 0.04 times the 4.34 crore shares reserved for the category.
Out of the 8.69 crore shares set aside for them, the Qualified Institutional Buyers (QIBs) applied for only 1,064 shares.
Do you think the swiggy IPO is overvalued ??
Yes =
No = ⭐ pic.twitter.com/S6l4WV5Bok
— Nittin S Garg (@NitinGarg189003) November 2, 2024
IPO size and structure
A new issue of 11.54 crore equity shares valued at Rs 4,499 crore and a sale offer of 17.51 crore shares valued at Rs 6,828.43 crore are combined in the Swiggy IPO. Through its initial public offering, the online food delivery and quick commerce platform hopes to raise Rs 11,327.43 crore.
Lot size and minimum bid
While the food delivery company’s IPO lot size is 38 shares, Swiggy has set a price range of Rs 371 to Rs 390 per share. This means that retail investors must invest a minimum of Rs 14,820 in order to bid.
Subscription and listing timetable
On Wednesday, November 6th, the Swiggy IPO bidding will open, and it will end on Friday, November 8th. The company will deposit and return the equity shares in the demat accounts of qualified investors on November 12th, following the completion of the share allocation on November 11th. It is anticipated that Swiggy shares will go public on November 13.
Utilisation of IPO proceeds
The net proceeds will be used for debt repayment, inorganic growth, brand marketing and business promotion, subsidiary investments, cloud infrastructure upgrades, and general corporate purposes.
