Swiggy's IPO Soars: A Hearty Appetite from Investors

Swiggy's Rs 11,327-crore IPO was fully subscribed, closing at 3.59 times its offering. The company aims to use proceeds for technology, marketing, and debt payment. Anchor investors contributed Rs 5,085 crore. The IPO price range is Rs 371-390 per share, with a valuation of USD 11.3 billion.

India's leading food delivery platform, Swiggy, concluded its initial public offering (IPO) with significant investor interest, achieving a subscription rate of 3.59 times the available shares.

The IPO, valued at Rs 11,327 crore, drew in 57.53 crore bids for just over 16 crore shares on offer, highlighting robust demand. Institutional buyers led the charge with a 6.02 times oversubscription.

The company plans to utilize the funds for technological enhancements, marketing, and debt repayment, while anchor investors have already invested Rs 5,085 crore. The offering was backed by top financial entities like Kotak Mahindra and JP Morgan.

(With inputs from agencies.)