On November 6, 2024, Swiggy Limited’s first public offering (IPO) debuted on the Indian primary market. The Swiggy IPO will continue to accept bids until November 8, 2024. Accordingly, Swiggy’s IPO subscription will be available Wednesday through Friday of this week. The Swiggy IPO pricing range has been set by the online food delivery service at ₹371 to ₹390 per share. With a combination of new shares and an offer for sale (OFS), the business hopes to raise 11,327.43 crore. Before the Swiggy IPO subscription opening date, firm shares are accessible on the grey market. Observers of the stock market claim that Swiggy shares are currently trading on the grey market for a premium of ₹11.
IPO subscription status
The retail portion of the book build issue had been subscribed 0.44 times, the NII portion had been subscribed 0.04 times, and the public issue had been booked 0.09 times by 2:21 PM on the first day of bidding.
Swiggy IPO details
- Swiggy IPO GMP: Stock market watchers report that the company’s shares are currently trading on the grey market at a premium of ₹11.
- Swiggy IPO price: The public offering price range for the online meal delivery service is set at ₹371 to ₹390.
- Swiggy IPO date: From November 6–8, 2024, the public offering will be open for bids.
- Swiggy IPO size: With a combination of new shares and OFS, the business hopes to raise 11,327.43 crore from this initial offering.
- Lot size for Swiggy IPO: Bidders may submit multiple applications, and each lot of the book build offer compares 38 business shares.
- Swiggy IPO allotment date: Saturday, November 9, 2024, is the most likely date for share allotment.
- Swiggy IPO registrar: Link Intime India Private Limited has been designated as the book build issue’s official registrar.
- Swiggy IPO listing date: It is suggested that the book build issue be listed on both the BSE and the NSE. November 13, 2024, is the most likely date for a share listing.
- Swiggy IPO lead managers: The public offering’s lead managers include Kotak Mahindra Capital, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities, and ICICI Securities.
Giving a ‘subscribe’ tag to the public issue, Rajan Shinde, Research Analyst at Mehta Equities, said, “Given its consistent innovation and strategic expansion, we believe Swiggy is well-positioned for sustained growth. Making it a compelling opportunity for investors seeking exposure in the evolving hyperlocal commerce space. Hence, by looking at all attributes, we recommend investors to “SUBSCRIBE” to Swiggy Ltd for a long-term perspective.”
Advising investors to apply, Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, said, “Swiggy’s valuation, nearly half of Zomato’s, may seem appealing, but it should not be seen as an arbitrage opportunity. For Swiggy to narrow the valuation gap, improvements in EBITDA to 3-4% and a higher Average Order Value (AOV) in quick commerce are essential. However, these changes are not expected in the near term. Therefore, we maintain a “Do Not Subscribe” rating for Swiggy’s IPO, given the significant challenges ahead.”
