Swiggy IPO Recorded Increased Subscription From QIBs on Day 2

Swiggy IPO witnessed an increased subscription from various investors on the 2nd day of bidding. Swiggy IPO is a book-built issue of ₹11,327.43 crores. The IPO  is a combination of a fresh issue of ₹4,499.00 crores and an offer for sale of ₹6,828.43 crore.

Swiggy Limited has appointed Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Avendus Capital Pvt Ltd, J.P. Morgan India Private Limited, Bofa Securities India Limited and ICICI Securities Limited are the book running lead managers, while Link Intime India Private Ltd is the registrar for the issue.

Objective of Swiggy IPO

Swiggy  has decided to utilise the Net Proceeds towards the following objects:

• Investment in the Material Subsidiary, Scootsy, for repayment or pre-payment, in full or in part, of certain or all of its borrowings
• Investment in the Material Subsidiary, Scootsy, for (a) expansion of Dark Store network for Quick Commerce segment through setting up of Dark Stores; and (b) making lease/license payments for Dark Stores
• Investment in technology and cloud infrastructure
• Brand marketing and business promotion expenses for enhancing the brand awareness and visibility of its platform, across segments
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.

Swiggy IPO Day 2 Subscription

On the 2nd day of bidding at 11:40 AM, Swiggy IPO subscribed 0.12x. The public issue subscribed 0.35  times in the retail category, 0.07 times in QIB, and 0.04 times in the NII category. 

About Swiggy Limited

Swiggy Limited was incorporated in 2014, which provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food (Food Delivery), grocery and household goods (Instamart) and have orders delivered to their homes via an on-demand delivery partner network.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.