Swiggy's IPO Debut: A Food Delivery Giant's Financial Leap

Swiggy Ltd's IPO was subscribed 12% on its first day. It received bids for around 1.9 million of 16 million available shares, with retail investors subscribing 54% and non-institutional investors 6%. Swiggy aims to raise Rs 11,327 crore to invest in technology, marketing, and debt payment.

Swiggy Limited's initial public offering (IPO) witnessed a subscription rate of 12% on its opening day. The IPO saw bids placed for 1,89,80,620 shares against an available 16,01,09,703 shares, according to figures provided by the National Stock Exchange (NSE).

Retail individual investors (RIIs) accounted for 54% of the subscription, while non-institutional investors showed a 6% interest. On Tuesday, Swiggy announced it had successfully raised Rs 5,085 crore from anchor investors.

The company's shares are offered to the public at a price range of Rs 371 to Rs 390 from November 6 to 8. The IPO aims to raise a total of Rs 11,327 crore, including Rs 4,499 crore from fresh shares and Rs 6,828 crore from an offer for sale (OFS). The proceeds will be used for technology investments, marketing, debt repayment, and corporate expansion plans. Kotak Mahindra, JP Morgan, and other financial firms are leading the offer.

(With inputs from agencies.)