Swiggy Closes INR 10K Cr QIP By Issuing Shares At INR 375 Apiece

SUMMARY

In an exchange filing, the company said that it allocated the new shares at INR 375 apiece, a discount of about 4% to the floor price of INR 390.5

The QIP saw interest from leading mutual funds like SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Kotak Mahindra Mutual Fund

Out of the total capital raised, Swiggy plans to deploy INR 4,475 Cr towards expanding and operating its quick commerce fulfilment network

Listed foodtech giant Swiggy has raised INR 10,000 Cr (around $1.2 Bn) through its qualified institutional placement (QIP) by issuing 26.7 Cr equity shares.

In an exchange filing, the company said that it allocated the new shares at INR 375 apiece, a discount of about 4% to the floor price of INR 390.5.

Earlier this week, sources told Inc42 that Swiggy’s QIP saw strong demand and received most of the bids at around INR 375 per share. The QIP saw interest from leading mutual funds like SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Kotak Mahindra Mutual Fund.

Out of the total capital raised, Swiggy plans to deploy INR 4,475 Cr towards expanding and operating its quick commerce fulfilment network. With this infusion, the company aims to scale its fulfillment footprint to 6.7 Mn sq ft by the end of 2028 from about 5 Mn sq ft currently.

Additionally, it will deploy INR 2,340 Cr for brand marketing and business promotion, while INR 985 Cr will be used for strengthening its technology and cloud infrastructure.

Shares of Swiggy closed yesterday’s trading session 3.8% higher at INR 416.7 apiece on the BSE.

(The story will be updated soon)