Swiggy IPO Day 3: Rs 11,300 crore issue subscribed 3.59 times; retail, QIBs booked 6x

Swiggy IPO subscription concludes today after having bidding opened on Wednesday.

Swiggy IPO was subscribed 3.59 times on the last day of its bidding on November 8 after a tepid response to the Rs 11,327.43-crore offer in the previous two days of its issue.

The maiden share sale by the food delivery and quick-commerce major Swiggy received bids for 57.53 crore shares against 16 crore shares on offer, according to data available with the NSE.

The portion for retail individual investors (RIIs) got fully subscribed at 1.14 times, while the category for qualified institutional buyers (QIBs) was booked  at 6.02x. The non-institutional investors part received 41 percent subscription. The employees' book was subscribed 1.65 times.

Swiggy IPO subscription status day 2: Issue booked 35%, retail leads at 84%; GMP dips further

Earlier, the Bengaluru-based company collected Rs 5,085 crore from anchor investors.

The company’s shares are open for public subscription in the price range of Rs 371 to Rs 390 until today.

At the upper price band, Swiggy’s valuation is estimated at around Rs 95,000 crore. In comparison, rival Zomato, which went public in July 2021, currently holds a market valuation of Rs 2.25 lakh crore.

Swiggy holds a solid No. 2 position in India's food and grocery market behind Zomato. In food delivery, it has 34 percent of the market compared to Zomato's 58 percent, while in quick commerce, Zomato's Blinkit has an estimated 40-45 percent and Swiggy's Instamart has 20-25 percent, according to brokerage estimates.

Analysts expect the loss-making company to make a muted debut on stock exchanges next week, weighed down by broader market weakness and concerns that profitability may be some time away.

Swiggy IPO GMP is indicating a tepid listing gain for the shares of the company on the exchanges on November 13 (Wednesday). According to IPO Watch and Investor gain which track the grey market premium activities, the shares of the company are commanding a GMP in the price range of Re 1-2 in the unofficial market, indicating a listing gain of 0.2 - 0.5 percent. (With Inputs from Reuters) 

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