Swiggy IPO Day 2: Issue Subscribed 25% So Far

SUMMARY

Swiggy’s IPO continued its muted subscription on the second day today, following a dull start on the first day. 

On the second day of bidding, the foodtech giant’s IPO received bids for 3.9 Cr shares against the 16.01 Cr shares on offer, as of 1:30 PM.

Employees led the way, with the reserved portion for them oversubscribed at 1.04x, receiving bids for 7.77 Lakh shares against the 7.5 Lakh shares set aside. 

Swiggy’s IPO continued its muted subscription on the second day today, following a dull start on the first day. 

On the second day (November 7) of bidding, the foodtech giant’s IPO received bids for 3.9 Cr shares against the 16.01 Cr shares on offer, as of 1:30 PM.

Employees led the way, with the reserved portion for them oversubscribed at 1.04x, receiving bids for 7.77 Lakh shares against the 7.5 Lakh shares set aside. 

Retail investors followed with bids for 2.2 Cr shares against the 2.89 Cr shares reserved, resulting in a 0.76x subscription.

Interest from non-institutional investors (NIIs) remained subdued, with bids for only 45 lakh shares out of the 4.34 Cr on offer, translating to a 10% subscription rate.

Qualified institutional buyers (QIBs) showed more activity today, with 1.26 Cr shares bid for out of the 8.7 Cr shares reserved for them.

Notably, the company started with a dull listing on Wednesday (November 6), with a mere 12% subscription. 

Swiggy secured INR 5,085 Cr from anchor investors on November 5. 

It is pertinent to note that the company has set a price band of INR 371 to INR 390 per share for the public offering. At the upper end, Swiggy aims to raise INR 11,324 Cr through the listing.

Additionally, the fresh issue component of the IPO has been expanded to INR 4,999 Cr, while the offer for sale (OFS) component has been slightly reduced to 17.5 Cr shares. 

Through the OFS, early backers Accel India and Elevation Capital stand to earn returns exceeding 34x by partially divesting their stakes.

Swiggy is targeting a valuation of $11.3 Bn for the IPO—26% lower than its previous target of $15 Bn. The company’s shares are anticipated to debut on the BSE and NSE on November 13.

Meanwhile, for Q1 FY25, Swiggy reported a consolidated net loss of INR 611 Cr, up 8% year-on-year, while its operating revenue rose by 35% YoY to INR 3,222.2 C r.

You have reached your limit of free stories
This Diwali, Get Up To 72% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Offer Fading Away This Week
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Swiggy IPO Day 2:  Issue Subscribed 25% So Far-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Swiggy IPO Day 2:  Issue Subscribed 25% So Far-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Swiggy IPO Day 2:  Issue Subscribed 25% So Far-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Swiggy IPO Day 2:  Issue Subscribed 25% So Far-Inc42 Media
Swiggy IPO Day 2:  Issue Subscribed 25% So Far-Inc42 Media
You’re in Good company