Swiggy IPO Day 3: Online food delivery giant's Rs 11,300 crore issue gets fully subscribed

As of 1 pm on Friday, data from the NSE showed that Swiggy received bids for 19.41 crore shares, surpassing the 16 crore shares available.

The Retail Individual Investors (RIIs) segment was 98 percent subscribed, while Qualified Institutional Buyers (QIBs) oversubscribed by 1.78 times.

Non-institutional investors subscribed at 23 percent, and the employees’ portion reached 1.39 times.

Swiggy had already secured Rs 5,085 crore from anchor investors ahead of the public offering.

Shares were open for bidding at a price range of Rs 371 to Rs 390 until today.

At the upper price limit, Swiggy’s valuation is pegged at around Rs 95,000 crore.

Swiggy's competitor Zomato, which launched its IPO in July 2021, now holds a market cap of Rs 2.25 lakh crore.

Swiggy ranks second in India’s food and grocery market, with a 34 percent share in food delivery versus Zomato's 58 percent.

In quick commerce, Swiggy’s Instamart holds an estimated 20-25 percent of the market compared to Zomato’s Blinkit, which has about 40-45 percent.

Analysts anticipate a modest debut for the loss-making company when it lists next week, citing broader market challenges and concerns over Swiggy's path to profitability.

Grey market premium (GMP) indicators suggest minimal listing gains for Swiggy shares on November 13, with tracking sites IPO Watch and Investor Gain reporting a GMP range of Rs 1-2, implying a potential listing gain of 0.2 - 0.5 percent.