Swiggy Ltd. IPO was subscribed 3.6 times the issue size on the last day of bidding on Friday , led by buying by Qualified Institutional Buyers (QIBs)
QIBs bid six times the offer size which was around 8.7 crore shares. Most of the QIB subscriptions came from Foreign Institutional Investors (FII) followed by mutual funds. Retail investors too bid just 1.14 times the issue. Non-institutional investors subscribed merely 0.41 times the offer size reserved for the category.
The subscription numbers on the third day of bidding becomes important as the first two days saw almost no interest from investors, as the bidding was just little more than zero times the issue size across all categories. The total bidding on the first day of the IPO was just 0.12 times the total bid size of 16 crore shares. On the first day, QIBs bid just 3496 shares as of 5 pm, according to data from Bombay Stock Exchange. Second day had a marginally better performance of 0.35 times the size. The QIBs bid 0.28 times on the second day. Retail investors subscribed less than 0.8 times the reserved size on the first two days.
Swiggy , with a size of ₹11,000 crore is the second largest IPO yet in fiscal 2025, after Hyundai’s more than ₹27,000 crore issue. The year also saw Bajaj Housing Finance’s whopping 63.3 times subscription, with QIBs subscribing 210 times the reserved number.
Swiggy stocks will list on the bourses on November 13.
Published - November 08, 2024 09:17 pm IST
