Investors' reaction to Swiggy's Rs 11,327.43 crore IPO, which went live on November 6, 2024, has been largely unimpressive thus far. The National Stock Exchange (NSE) data indicates that the issue had a 31 per cent subscription by approximately 03.08 PM on Thursday.
The mainboard issue received bids for more than 4.97 crore shares, according to consolidated bid data on NSE, meaning that the total subscription was 0.31 times the 16.01 crore shares that were available.
Subsctription across all categories
For the Swiggy IPO, the retail investors had the highest subscription rate, compared to the 2.89 crore shares reserved for the category, the retail portion was booked 0.80 times, with applications for more than 2.31 crore shares.
Bids for nearly 50.73 lakh shares were made by non-institutional investors (NIIs), which is 0.12 times the 4.34 crore shares that were set aside for this category.
Only 2.07 crore of the 8.69 crore shares reserved for them were applied for by Qualified Institutional Buyers (QIBs). The quota was subscribed 0.24 times.
IPO size and structure
The Swiggy IPO consists of a sale offer of 17.51 crore shares valued at Rs 6,828.43 crore and a new issue of 11.54 crore equity shares valued at Rs 4,499 crore. The online platform for quick commerce and food delivery aims to raise Rs 11,327.43 crore through its IPO.
Price band and minimum bid
Swiggy has set a price range of Rs 371 to Rs 390 per share, despite the food delivery company's IPO lot size being 38 shares. This implies that in order to bid, retail investors must contribute a minimum of Rs 14,820.
Timeline of subcription and listing
The Swiggy IPO bidding will begin on Wednesday, November 6th, and run through Friday, November 8th. After the share allocation is finished on November 11th, the company will deposit and return the equity shares to the demat accounts of eligible investors on November 12. On November 13, Swiggy's stock is expected to go public.
GMP of Swiggy IPO
The GMP of swiggy IPO was around Rs 2 per share, which indicates to listing at Rs 392 per share on the bourses, according to investorgain.com
IPO proceeds utlisation
The net proceeds will be utilised for general corporate purposes, subsidiary investments, cloud infrastructure upgrades, brand marketing and business promotion, inorganic growth, and debt repayment.
