Swiggy IPO Subscription Status Day 1 Live Updates: Swiggy IPO opens today. Should you subscribe? 

Swiggy IPO: Motilal Oswal recommends “Subscribe for Long Term” (Price Band: ₹ 371 – 390)

“Swiggy operates in a oligopoly market which is at a nascent stage, thus providing enough opportunities for players to create their niche. Swiggy’s innovation DNA is key to success and it could again be at the forefront through its new 10-minute food delivery offering. However, given that the company is still loss making at an aggregate level, and overall profitability may be some time away, we recommend only High Risk investors to ‘Subscribe for long term’. At the upper price band of ₹390, the issue is priced at 7.8x FY24 Market Cap to Sales and looks reasonably priced compared to Zomato which is trading at 17.5x.”

Swiggy IPO Live: Swiggy to use IPO proceeds towards funding investments

Swiggy plans to utilise the IPO proceeds towards funding investment in the Material Subsidiary, Scootsy, investment in technology and cloud infrastructure, brand marketing and business promotion expenses for enhancing the brand awareness and visibility of its platform, across segments; and for funding inorganic growth through unidentified acquisitions and general corporate purposes.

Swiggy IPO live: Check IPO details

Up to 75 per cent of issue is reserved for qualified institutional bidders, 15 per cent for non-institutional investors (HNIs) and 10 per cent for retail investors.

The company has also reserved 750,000 shares for employees, which will get a discount of ₹25 from the issue price.

Investors selling in the OFS included Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V B.V, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings B.V, Norwest Venture Partners VII-A Mauritius and Tencent Cloud Europe BV.

Swiggy IPO Live: Swiggy secures ₹5,085 crore from anchor investors 

As part of IPO process, food delivery and quick-commerce major Swiggy has collected ₹5,085 crore from anchor investors by allotting 13.04 crore shares to 151 funds at ₹390.

Among the investors who were allocated shares are New World Fund Inc, Government Pension Fund Global, Nomura Funds Ireland Public Limited Company, Fidelity Funds, BlackRock, Allianz Global Investors Fund and Schroder International, according to a circular uploaded on BSE’s website.

Additionally, ICICI Prudential Mutual Fund (MF), SBI Mutual Fund, HDFC Life Insurance Company Ltd, SBI Life Insurance Co. Ltd and ICICI Prudential Life Insurance Company Ltd too were allotted shares in the anchor round.

Swiggy IPO Live: Swiggy IPO opens today at ₹371-390 price band

The much-awaited Swiggy’s initial public offering opens to public today. The IPO targets ₹11,327.43 crore through a combination of fresh issue worth ₹4,499 crore and offer for sale of 17.51 crore shares worth ₹6,828.43 crore.

The IPO, priced at ₹371-390, will close on November 8 and the lot size is 38 shares.

Up to 75 per cent of issue is reserved for qualified institutional bidders, 15 per cent for non-institutional investors (HNIs) and 10 per cent for retail investors.

The company has also reserved 750,000 shares for employees, which will get a discount of ₹25 from the issue price.

Read more