- Monday, December 02, 2024
The Bengaluru-based food delivery and quick-commerce major has a fresh issue of shares worth ₹44.99 billion along with an offer for sale of ₹68.28 billion
By: Shajil Kumar
THE INITIAL public offer of food delivery and quick-commerce major Swiggy got fully subscribed on the third day of the share sale on Friday.
The ₹113.30 billion (£1.04bn) initial share sale received bids for 405,918,888 shares against 160,109,703 shares on offer, translating into 2.54 times subscription, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) got subscribed 4.16 times while Retail Individual Investors (RIIs) received 1.03 times subscription.
The quota for non-institutional investors fetched 30 per cent subscription.
Swiggy on Tuesday said it has collected ₹50.85 billion (£465.11m) from anchor investors.
The Bengaluru-based company’s IPO has a price range of ₹371-390 a share.
The company’s IPO (Initial Public Offer) has a fresh issue of shares worth ₹44.99 billion (£411.51m) along with an offer for sale (OFS) of ₹68.28 billion (£624.54m).
The valuation of Swiggy has been pegged at about $11.3 billion (£8.72bn) 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.
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. (PTI)
