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  3. Swiggy’s IPO Gains 12 Pc Subscription on First Day Amid Moderate Instit…

Swiggy’s IPO Gains 12 Pc Subscription on First Day Amid Moderate Institutional Interest

7 Nov 2024

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Key Takeaways

Swiggy’s Rs 11,327-crore IPO success depends on QIBs fulfilling the remaining Rs 3,400 crore.


Swiggy’s Rs 11,327-crore IPO success depends on QIBs fulfilling the remaining Rs 3,400 crore.


Swiggy

Swiggy

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Expert Analysis

Swiggy IPO Opens with 12%  Subscription, Awaits Stronger Institutional Backing.

Expert Analysis:

  • Opening Day Subscription Overview: Swiggy’s IPO achieved a 12% subscription rate on its first day, driven primarily by individual investors, with minimal contribution from Qualified Institutional Buyers (QIBs).

  • Investor Breakdown: High-net-worth individuals (HNIs) subscribed to 6% of their portion, retail investors contributed 54%, and employees subscribed 74%.

  • Retail and QIB Quotas: The IPO has a 10% retail investor quota, notably lower than the usual 35%, with 75% of shares reserved for QIBs, whose full subscription is crucial for IPO success.

  • Anchor Investor Allocation: Swiggy allocated Rs 5,085 crore from the QIB quota to anchor investors, leaving around Rs 3,400 crore needed from additional QIB bids to fully subscribe.

  • Secondary Share Sale: The IPO includes a Rs 6,828 crore secondary sale by key investors like Tencent, Accel India, and Apoletto Asia.

  • Valuation: Valuing Swiggy at Rs 87,300 crore at the upper end.

Publisher:Indian Retailer