As the highly anticipated tech-driven online food delivery giant Swiggy's IPO heats up, the issue of on the second day of its bidding was subscribed 35 per cent. The food delivery and quick-commerce giant's IPO opened for subscription on November 6 and is set to close on November 8.
According to data from the National Stock Exchange (NSE), 5.56 crore shares were bid for, against the 16 crore shares available in the offering.
The arch rival of Zomato, the price band of Swiggy's IPO is set between Rs 371 to Rs 390.
IPO Details - Subscription Breakdown
In the Retail individual investors (RIIs) segment, the public issue was subscribed 84 per cent.
Coming to the non-institutional investor segment, on the other hand, has seen a slower uptake, with just 14 per cent of their portion subscribed.
Moreover, the Qualified institutional buyers (QIBs) have bid for 28 per cent of their allocated shares.
Swiggy's Pricing and Market Expectations
The company with this public issue aims to raise a whopping Rs 11,327 crore, with a fresh issue of shares worth Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore.
Image used for representational purposes only | Image: Wikipedia (Representative)
Apart of this, at the top end of the price band, Swiggy’s estimated market valuation stands at Rs 95,000 crore.
Althought it is a huge valuation but it still pales in comparison to its rival, Zomato, which boasts a market cap of Rs 2.25 lakh crore after its IPO in 2021.
GMP
According to investorgain.com, the GMP of swiggy public issue today was around Rs 2 per share, estimating to be listed at Rs 392 per share on the bourses.
The public issue is ecpected to be listed in the Indian bourses on November 13.
Anchor Investments
Before the public subscription even started, the Bengaluru-based company received Rs 5,085 crore through the anchor portion of the offering.
