 "Swiggy sets $1.35 bn IPO price band at Rs 371-390 per share for Nov 6 opening")
The Swiggy Limited IPO will open for subscription on November 6. On Wednesday, the food delivery giant announced that the price band for its $1.35 billion domestic initial public offering has been fixed at Rs 371 to Rs 390 per share.
Swiggy’s IPO will be India’s second-biggest stock offering this year, behind carmaker Hyundai India’s $3.3 billion IPO earlier this month.
The Swiggy IPO subscription will remain open till November 8 and the allocation to anchor investors for the Swiggy IPO is expected to take place on November 5.
Swiggy IPO basis of allotment of shares is expected to be finalised on November 11, following which the company will initiate refunds on November 12. The shares will be credited to the demat account of allottees on the same day following refund.
Swiggy share price is expected to be listed on BSE and NSE November 13.
The Swiggy IPO lot size is 65 equity shares and in multiples of 65 equity shares thereafter.
The floor price and the cap price are 371 times and 390 times the face value of the equity shares.
The share float has garnered strong interest in the primary market. As per IPO Watch, Swiggy is commanding a grey market premium (GMP) of Rs 130.
Swiggy IPO has reserved 75 per cent of the shares in the public issue for qualified institutional buyers (QIB), 15 per cent for non-institutional Institutional Investors (NII), and 10 per cent of the offer is reserved for retail investors.
Impact Shorts
More ShortsEmployees are reserved up to 750,000 equity shares. A discount of Rs 25 a piece is being offered to the eligible employees.
The Swiggy IPO includes a fresh share sale of Rs 4,499 crore and an offer-for-sale (OFS) of up to 17,50,87,863 equity shares by its existing selling shareholders amounting to Rs 6,828.42 crore.
At the upper end of the price band, Swiggy is looking to raise a total of Rs 11,327.42 crore through its IPO.
With inputs from agencies.
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