Swiggy IPO: Mainboard issue subscribed 12% on first day, check subscription status and other key details

The much-awaited public issue of food delivery and quick commerce major, Swiggy Limited saw a tepid response from investors on Wednesday, November 6. The mainboard issue was booked only 12% on the first day of bidding led by retail investors.

The IPO received bids for more than 1.89 crore shares against 16.01 crore offered for subscription, at the end of bidding at 5 pm, the NSE data showed.

The retail portion of the IPO was booked 54% with bids for more than 1.56 crore shares against 2.89 crore shares on offer. The Non-Institutional Investors (NIIs) applied for only over 27.53 lakh shares against 4.34 crore shares reserved for the category, leading to a subscription of 6%.

The Qualified Institutional Buyers (QIBs) placed bids for 3,496 shares against 8.69 crore shares set aside for them.

The employees’ quota of the IPO was booked 74% with bids for 5.52 lakh shares against 7.5 lakh shares set aside for them.

Swiggy IPO subscription is open from November 6 to November 8.

Swiggy IPO Offer size, price band and minimum investment

Swiggy IPO is a book-building issue worth ₹11,327.43 crore. The mainboard public offer comprises a fresh issuance of 11.54 crore shares, amounting to ₹4,499 crore along with an offer-for-sale (OFS) of 17.51 crore shares aggregating to ₹6,828.43 crore. The IPO price band has been fixed at ₹371 to ₹390 per share.

Retail investors interested in applying for the IPO can place bids for a minimum of 38 shares, which aggregates to an investment of ₹14,820.

The small NIIs can apply for a minimum of 14 lots, or 532 shares, which amounts to an investment of ₹2,07,480. Big NIIs can bid for at least 68 lots, or 2,584 shares, aggregating to a minimum investment of ₹10,07,760.

Swiggy IPO dates

Swiggy IPO allotment status is expected to be finalised on Monday, November 11. The company will initiate refunds for non-allottees and transfer of shares to the Demat accounts of the successful bidders on Tuesday, November 12.

The IPO listing has been tentatively scheduled for Wednesday, November 13. Shares of the company will be listed on both the NSE and BSE.

Swiggy IPO registrar

The registrar for Swiggy IPO is Link Intime India Private Ltd. The book-running lead managers for the public issue include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Avendus Capital Pvt Ltd, JP Morgan India Private Limited, Bofa Securities India Limited and ICICI Securities Limited.

Swiggy Key financials

Swiggy’s revenue in Q1FY25 stood at ₹3,310.11 crore and the company posted a net loss of ₹611.01 crore. The company’s net worth stood at ₹7,444.99 crore at the end of the June quarter of FY25.

The food delivery major’s revenue for FY24 increased by over 33% to ₹11,634.35 crore compared to ₹8,714.45 crore in FY23. The company’s net loss for the fiscal ended March 31, 2024, stood at ₹2,350.24 crore compared to a net loss of ₹4,179.31 crore in the preceding fiscal.

The net worth of the company decreased nearly 14% to ₹7,791.46 crore in FY24, from ₹9,056.61 crore in the preceding fiscal.

Swiggy IPO objective

The company plans to use the money raised via the public issue for repayment or prepayment of the borrowings availed by its subsidiary Scootsy. A portion of the funds will also be used for the expansion of the company’s dark store network for the quick commerce arm Instamart. The company will also utilise a portion of the IPO proceeds towards lease and licence payments for dark stores. The company also proposes to enhance its technology and cloud infrastructure by investing in IPO funds.

About Swiggy Limited

Swiggy Limited, founded in 2014, offers services in three major segments—food delivery, dining out and quick commerce. The company is also engaged in the supply chain and distribution business and provides services such as delivery, warehousing, logistics and distribution for wholesalers and retailers in the food and restaurant industries. The company employed 5,401 workers as of June 30, 2024.