Swiggy IPO Day 2: 24% Subscription, GMP Rises 2%; Should You Invest?

Swiggy’s IPO, which opened for subscription on November 6, 2024, has received a moderate response from investors, with a subscription rate of 24% by midday on Thursday. The IPO aims to raise Rs 11,327.43 crore, with data from the National Stock Exchange (NSE) indicating a subscription of 0.73 times in the retail investor category, 0.17 times among Non-Institutional Investors (NIIs), and 0.14 times by Qualified Institutional Buyers (QIBs). Meanwhile, the employee quota is fully subscribed.

Despite the subdued response so far, Swiggy’s shares continue to trade at a premium in the grey market. Current grey market activity shows a premium of Rs 9.50, representing a 2.44% GMP against the top end of the price band, set at Rs 390. The IPO is available for subscription until November 8, 2024, with a fresh issue of 115,358,974 shares and an offer for sale of 175,087,863 shares at a face value of Re 1 per share. The price band is Rs 371-390, and investors can apply for a minimum of 38 shares and in multiples thereof.

The basis of share allotment is expected to be finalized by Monday, November 11, 2024. Successful investors are likely to see shares credited to their demat accounts by Tuesday, November 12, 2024. Link Intime India is the IPO’s registrar, while JP Morgan India, BofA Securities India, Jefferies India, Kotak Mahindra Capital Company, Citigroup Global Markets India, Avendus Capital, and ICICI Securities serve as the book-running lead managers.

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