Swiggy IPO sees muted response, subscribed only 15% so far on day 2. GMP declines to 2%
At 10:44 am, the issue attracted bids for 2,40,61,258 shares, or 15% against the issue size of 16,01,09,703 shares. The retail portion of the issue was subscribed at 68%, and the non-institutional investor category's subscription rate stood at 9%. The qualified institutional buyers (QIBs) were yet to subscribe.
Meanwhile, the grey market premium (GMP) for Swiggy has declined to Rs 9-10, representing a 2% premium in the unlisted market. On the first day of bidding, the GMP was at Rs 12, indicating a 3% premium over the issue price.
Swiggy brought the IPO at a lower valuation of $11.3 billion against its earlier target of around $15 billion. The company plans to raise around Rs 11,300 crore through the issue. The issue comprises a fresh equity sale of Rs 4,499 crore with an offer for sale (OFS) for 17,50,87,963 equity shares.
Swiggy IPO price band
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