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Swiggy IPO Live Updates: Bengaluru-based Swiggy shares have been opened for public subscription in the price range of ₹371 to ₹390 on Wednesday, November 6. The IPO will remain open until Friday, November 8.
At the end of the first day of bidding, Swiggy IPO was 12% subscribed. During the IPO, bids were received for 1,89,80,620 shares as against 16,01,09,703 shares on offer.
The portion reserved for employees was the most booked at 74%, followed by the quota for private investors at 54%.
The non-institutional investors (NIIs) quota saw 6% bids at the end of day 1, while the qualified institutional buyers (QIB) quota saw no bids.
The food delivery giant has attracted significant interest from institutional investors, who are rallying ₹5,085.02 crore through the anchor book launched on November 5. The company aims to raise this amount ₹11,327 crore from the IPO, which will include a fresh issue of shares worth ₹ 10.00 ₹4,499 crore in addition to an offer for sale (OFS) of ₹6,828 crore.
The secondary share represents exits or partial exits by venture capital firms Accel India, Tencent Cloud Europe and Alpha Wave Ventures, with early investors in between ₹11.17 and ₹178.90 per share, based on the time of their joining the company, as per the information provided.
The company plans to use the proceeds from the new issue for investments in technology and cloud infrastructure; brand marketing and business promotion; repaying debts; as well as allocating funds for inorganic growth and general corporate purposes.
Swiggy, founded in 2014, reported a loss of ₹611 crore for the quarter ended June 2024, up slightly from ₹564 crore during the corresponding period a year ago.
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