Swiggy IPO subscribed 12% on first day of bidding
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Employees of the Bengaluru-based food and grocery delivery company – who are being offered the stock at a discount of Rs 25 per share – subscribed to 74% of the portion reserved for them on day one.
Institutional investors, however, stayed away. They typically increase their bidding activity on the final day of an issue. While qualified institutional bidders (QIBs) barely placed any bids on the first day, non-institutional investors such as corporates and individuals booked 6% of their allocation.
The IPO will close on Friday.
Swiggy plans to raise Rs 4,499 crore in primary capital, while shares worth Rs 6,828 crore are being put up on offer for sale by existing investors.
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