Swiggy's IPO: A Bold Step in the Fast-Paced Food Delivery Market

Swiggy's initial public offer (IPO) witnessed a 12% subscription on the first day. The IPO aims to raise Rs 11,327 crore, with shares available at Rs 371-390. The company collected Rs 5,085 crore from anchor investors. Proceeds will fund technology, marketing, debt payment, and growth.

Swiggy's initial public offering, a significant move in the competitive food delivery sector, saw 12% subscription on its opening day. On Wednesday, investors bid for 1,89,80,620 shares against the 16,01,09,703 shares available, according to the National Stock Exchange data.

The retail individual investors' segment saw a subscription level of 54%, while non-institutional investors subscribed to 6% of the shares. A day prior, Swiggy secured Rs 5,085 crore from anchor investors, indicative of strong market interest.

The Bengaluru-based enterprise offers shares in the price range of Rs 371 to Rs 390 between November 6 and 8, intending to raise Rs 11,327 crore. This includes Rs 4,499 crore from fresh shares and Rs 6,828 crore from offer for sale. With its valuation at USD 11.3 billion, Swiggy plans to invest in technology, brand promotion, and debt reduction, facilitated by financial giants like Kotak Mahindra, J P Morgan India, and Citigroup Global Markets.

(With inputs from agencies.)