Swiggy IPO Subscription Status: Day 2 and Day 1

Swiggy, a major food delivery platform’s initial public offer was subscribed 0.32 times on the second day of the subscription. After receiving a lukewarm response on the first day, the company’s IPO saw a slight rise in demand from investors. However, demand from institutional investors still remained muted.

Swiggy’s IPO is a book-building issue of ₹11,327 crore. The IPO is a combination of an offer-for-sale amounting to ₹6,828 crore and an issue of fresh equity shares amounting to ₹4,499 crore. The IPO has a total of 16.01 crore shares on offer and has received bids for 5.41 crore shares as of writing. 

The company’s IPO opened for subscription on November 6, 2024, and was subscribed 0.12 times. The issue will be open for subscription till November 8, 2024. Following the subscription period, shares of the company will be allotted on November 11, 2024. The tentative listing date for Swiggy shares is November 13, 2024.

Swiggy IPO Day 2: Subscription Details

On the second day of the Swiggy IPO, the issue saw higher demand from retail investors while demand from institutional and non-institutional investors remained dull. As of writing, the issue was subscribed a total of 0.32 times.

Swiggy has allocated 8.69 crore shares to the qualified institutional buyers (QIBs) segment. As of 3:30 p.m. on November 7, the segment just attracted bids for 2.47 crore shares or 0.25 times the portion reserved for QIBs. 

For non-institutional buyers (NIIs), the company has set aside 4.34 crore shares. However, the segment was subscribed 0.12 times and received bids for 51.59 lakh shares.

Meanwhile, the demand from retail investors rose as the segment was subscribed 0.81 times. Swiggy has allocated 2.89 crore shares for the segment and has received bids for 2.34 crore shares so far. The portion reserved for Swiggy’s employees sailed through with ease as it was subscribed 1.11 times. The portion received bids for 8.34 lakh shares against the offer of 7.5 lakh shares.

Earlier, Swiggy announced that it had raised ₹5,085.02 crore from anchor investors. The IPO bid date for anchor investors was November 4, 2024. The lock-in period for anchor investors is 30 days for 50% of the shares and 90 days for the balance.

Swiggy IPO Day 1 Subscription Status

Swiggy’s IPO saw weak demand on the first day of subscription. The issue was subscribed 12% with muted demand from institutional and non-institutional investors.

The company has set aside 29.92% of the issue, or 8.69 crore shares, for qualified institutional buyers (QIBs). However, on the first day, the company received bids for just 3,496 shares. The non-institutional investors (NII) portion saw low interest as the company received bids for just 6% of the shares out of the 4.34 crore shares set aside for the segment.

However, the retail segment saw relatively stronger demand as the portion was subscribed 0.55 times. The portion reserved for employees saw strong interest, with the portion of the issue being subscribed 0.74 times.

Swiggy announced that the company raised ₹5,085.02 crore from anchor investors. The bid date for anchor investors for the Swiggy IPO was November 5, 2024. The lock-in period before anchor investors can sell their shares is 30 days for 50% of the shares and 90 days for the remaining shares. Anchor investors of the company include New World Fund, Government Pension Fund Global, Nomura Funds Ireland, Fidelity Funds, BlackRock, Allianz Global Investors Fund, and Schroder International.

Swiggy IPO Key Details:

IPO Open Date: November 6, 2024

IPO Close Date: November 8, 2024

Lot Size: 38 shares

Price Band: ₹371 to ₹390 shares

Allotment Date: November 11, 2024

Credit to Demat Account: November 12, 2024

Initiation of Refunds: November 12, 2024

Listing Date: November 13, 2024

Swiggy IPO Price Band and Lot Size

Swiggy has set a price band of ₹371 to ₹390 per share for its IPO and the lot size for an application is 38 shares. The minimum investment required to apply to the Swiggy IPO is ₹14,820. The minimum lot size for small non-institutional and big non-institutional investors is set at 14 lots and 68 lots, respectively.

About Swiggy

Through its IPO, Swiggy aims to make investments towards expanding its dark store network and upgrading its cloud and technological infrastructure. The company will also allocate funds towards partial or whole prepayment of borrowings and loans for its material subsidiary, Scootsy. 

Swiggy is one of the largest food and grocery delivery companies in India. The company has a pan-India presence in the food delivery and quick commerce segments. The company also offers parcel delivery and curated stores to its customers. In the quarter ended June 30, 2024, Swiggy reported a net loss of ₹611 crore which was higher than the net loss of ₹564 crore in the corresponding period last year.