Swiggy on December 9 announced that it has fixed the floor price at Rs 390.51 per equity share for its QIP which opens today.
The shares of Swiggy jumped more than 3 percent on December 9 after the company announced that its shareholders have approved the plan to raise Rs 10,000 crore through a qualified institutional placement (QIP).
The floor price marks a premium of nearly 1.2 percent over the stock's previous closing price of Rs 385.9 per share. The shares of the company closed at Rs 397.70 apiece on Tuesday.
In a regulatory filing released on December 8, Swiggy said the special resolution was passed at its extraordinary general meeting (EGM). A total of 76.40 percent of shareholders participated in the vote, with 99.47 percent of the votes cast in favour of the proposed equity issuance.
Subsequently, Swiggy in an exchange filing released on December 9 said that its board has approved the floor price. It added that a company may offer a discount of not more than 5 percent on the floor price calculated for the issue.
The QIP opened today, December 9. Under the resolution, Swiggy is authorised to issue equity shares to eligible qualified institutional buyers for an amount not exceeding Rs 10,000 crore, giving it a significant war chest to fund expansion across food delivery, Instamart and newer business verticals.
Swiggy share price:
Swiggy shares have gained nearly 3 percent in the past one month, and over 9 percent in the past six months. The stock is however down nearly 27 percent in 2025 so far.
The stock had listed Rs 420 per share on NSE on November 13 last year, marking a premium of nearly 8 percent over the IPO price of Rs 390 per share. The stock then surged more than 58 percent from its IPO price in just over a month to hit a 52-week high of Rs 617.30 apiece in December 2024.
The stock however then dropped nearly 52 percent since then to hit a 52-week low of Rs 297 per share in May this year. The stock has now recovered around 34 percent since then to close at Rs 397.70 apiece on Tuesday. It is currently around 2 percent higher than the IPO price, but over 5 percent lower than the listing price.
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