Swiggy's IPO Gains Momentum: A Glimpse into the $11.3 Billion Valuation

Swiggy's IPO secured 35% subscription by its second day. Retail Individual Investors showed strong interest. The company plans to raise Rs 11,327 crore, backed by anchor investments of Rs 5,085 crore. Funds target technology investment, marketing, and debt reduction. Valuation hits USD 11.3 billion.

Swiggy's initial public offering (IPO) managed to secure a 35% subscription by the end of its second day in the market. According to NSE data, the share sale received bids for over 5.5 million shares out of the 16 million shares on offer.

The IPO's retail individual investors section saw an 84% subscription rate, while qualified institutional buyers subscribed to 28%. Conversely, non-institutional investors made up a smaller portion with only 14% subscription.

Swiggy, the prominent Bengaluru-based food delivery service, aims to raise an impressive Rs 11,327 crore through the IPO. The company has already amassed Rs 5,085 crore from anchor investors, with share prices ranging between Rs 371 and Rs 390. This latest move pegs Swiggy's valuation at around USD 11.3 billion. Swiggy intends to use the funds for technological investments, brand marketing, debt payment, and potential growth opportunities.

(With inputs from agencies.)