New Delhi: The initial public offering (IPO) of food delivery and quick-commerce major Swiggy is all set to open today. Swiggy is looking to raise Rs 11,300 crore through its IPO.
A day before its initial share-sale opening for public subscription, Swiggy on Tuesday collected Rs 5,085 crore from anchor investors. Among the investors who were allocated shares are New World Fund Inc, Government Pension Fund Global, Nomura Funds Ireland Public Limited Company, Fidelity Funds, BlackRock, Allianz Global Investors Fund and Schroder International, according to a circular uploaded on BSE’s website.
Additionally, ICICI Prudential Mutual Fund (MF), SBI Mutual Fund, HDFC Life Insurance Company Ltd, SBI Life Insurance Co. Ltd and ICICI Prudential Life Insurance Company Ltd too were allotted shares in the anchor round.
1. The shares would be available at a price band of Rs 371 to Rs 390 apiece.
2. The issue would conclude on November 8 and the bidding for anchor investors will open for a day on November 5, they added.
3. Those selling shares in the OFS route are — Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V B.V, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings B.V, Norwest Venture Partners VII-A Mauritius and Tencent Cloud Europe B.V.
4. Early investors like Accel, Elevation Capital and Norwest Ventures are making up to 35 times in returns on the portion they decided to sell. On the other hand, SoftBank continues to stay invested.
5. Going by the IPO papers, proceeds from the fresh issue to the tune of Rs 137.41 crore will be used for debt payment of subsidiary Scootsy.
6. Additionally, Rs 982.40 crore will be invested in Scootsy for expanding the Dark Store network in the quick commerce segment, with Rs 559.10 crore allocated for setting up dark stores and Rs 423.30 crore for lease or licence payments.
7. The company will also invest Rs 586.20 crore in technology and cloud infrastructure, Rs 929.50 crore for brand marketing and business promotion, and funds will be allocated for inorganic growth and general corporate purposes.
Stockbroking company Bajaj Broking has recommended that investors should subscribe to the IPO for Long Term. “We recommend to subscribe the IPO with a long-term perspective,” Bajaj Broking said.
Finalization of Basis of allotment: November 11, 2024
Refund/ Unblocking of ASBA: November 12, 2024
Credit of Equity Shares to DP A/C: November 12, 2024
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