The share sale received bids for 1,89,80,620 shares out of the 16,01,09,703 shares available, as per NSE data. The retail individual investors (RIIs) segment achieved a 54% subscription, while the non-institutional investors (NIIs) category recorded a 6% subscription.
Swiggy on November 5 raised ₹5,085.02 crore from anchor investors at the upper price band of ₹390 per share. Domestic institutions took up 56% of the anchor book, including eight of the top 10 mutual funds, such as SBI MF, ICICI Prudential MF, Kotak MF, Mirae MF, and Nippon MF. Leading insurance firms, including ICICI Prudential Life, HDFC Life, and SBI Life, also participated.
Also Read: Swiggy CEO talks about multi-decade growth and margin expansion potential in food delivery
The company is aiming to garner ₹11,327 crore from the IPO, which has a fresh issue of shares worth ₹4,499 crore along with an offer for sale (OFS) of ₹6,828 crore. The valuation of Swiggy has been pegged at about $11.3 billion (about ₹95,000 crore) at the upper price band. Rival Zomato, which went public in July 2021, has a market valuation of ₹2.25 lakh crore.
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, J P Morgan India and Citigroup Global Markets are the managers of the offer.
