Swiggy IPO 2024 live updates: The much-talked-about Swiggy IPO opened on November 06 and will close on November 08. The price band for the Swiggy IPO has been set between Rs 371 – 390 per equity share. The IPO has been fully subscribed on Day 03. Retail investors booked the issue 0.97 times while QIBs drove the issue by subscribing 1.52 times.
The food-delivery company has incurred net losses in each year since incorporation. It has negative cash flows from operations.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, J.P. Morgan India, BoFA Securities India, and ICICI Securities are the book-running lead managers of the IPO.
Swiggy IPO 2024 live updates: Check date, time, IPO listing, subscription status, gmp, review
Canara Bank Securities Ltd, DRChoksey FinServ Pvt Ltd, and Indsec Securities have given an "Apply" recommendation for the Swiggy IPO, signaling a positive outlook. Dilip Davda, SBICAP Securities Limited, and Swastika Investmart Ltd offered a more cautious "May Apply" recommendation. Meanwhile, Capital Market remains "Neutral" on the IPO.
According to a summary of broker and analyst reviews, 42.86% gave "Apply" ratings, another 42.86% indicated "May Apply," and 14.29% opted for "Neutral." None have rated the IPO as "Avoid." This varied sentiment highlights mixed perspectives on the investment potential of Swiggy's public offering.
Swiggy’s IPO offers a total of 290,494,914 equity shares, with a value of Rs 11,329.30 crore. The breakdown includes 28,974,491 shares for retail investors, 86,923,475 shares for qualified institutional buyers (QIBs), and 43,461,737 shares for non-institutional investors (NIIs). Among the NII shares, 28,974,491 are reserved for bids above ₹10 lakh (bNII), and 14,487,246 are for bids below Rs 10 lakh (sNII). Additionally, 750,000 shares are set aside for employees. Anchor investors are offered 130,385,211 shares, accounting for 44.88% of the total offer. The IPO aims to raise significant capital, with 100% of the shares allocated.
Swiggy’s IPO witnessed a gradual rise in subscriptions over three days. On Day 1 (November 6, 2024), the IPO saw limited interest with QIB at 0.00 times, NII at 0.06 times, Retail at 0.56 times, and Employee at 0.76 times, totaling 0.12 times. Day 2 saw increased activity, with QIB at 0.28 times, NII at 0.14 times, Retail at 0.84 times, and Employee at 1.16 times, totaling 0.35 times. By Day 3 (November 8), subscriptions surged significantly: QIB at 6.02 times, NII at 0.41 times, Retail at 1.14 times, and Employee at 1.65 times, reaching a total of 3.59 times.
Swiggy’s IPO has been subscribed 3.59 times as of November 8, 2024, with strong interest across categories. The public issue saw 1.14 times subscription from retail investors, while Qualified Institutional Buyers (QIB) subscribed 6.02 times. However, Non-Institutional Investors (NII) subscribed at a lower rate of 0.41 times.
The total application count reached 715,124, with a combined bid value of Rs 22,436.97 crore.
Swiggy has steadily grown its Monthly Transacting Users (MTU) through its diverse offerings in food delivery and quick commerce. Known for a vast partner network and rapid delivery times, Swiggy’s platform recently hit 112.7 million transacting users. This user growth underscores Swiggy’s ability to capture a large share of India’s food and quick commerce markets, a factor that could support its stock performance post-IPO despite financial headwinds.
On Friday, Swiggy’s Grey Market Premium (GMP) dropped to just Rs 2 above its IPO price band upper limit of Rs 390, signaling a shift in sentiment. This was a sharp fall from the Rs 9.50 GMP seen on November 6, the IPO's opening day. The decline suggests a potential cooling of investor enthusiasm, as pre-listing demand has tapered. Market participants will watch closely for Swiggy's performance on listing day to gauge long-term investor confidence.
A team of prominent financial institutions has been appointed as the book-running lead managers for the Swiggy IPO. Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, J.P. Morgan India, BoFA Securities India, and ICICI Securities are the banks steering this IPO. Their involvement aims to ensure a smooth process, aiding in both initial investor response and further price stabilization as Swiggy moves toward its listing.
Since its inception, Swiggy has operated with consistent net losses and reported negative cash flows from operations. These financial indicators have raised concerns about the company's long-term profitability and sustainability. Despite its high revenue growth, Swiggy’s cost structure and cash burn rates have impacted its financial outlook, raising questions among investors about its future profitability. Analysts are closely monitoring how Swiggy plans to manage these challenges post-IPO.
The highly anticipated Swiggy IPO, which opened on November 6 and closes on November 8, has garnered a significant amount of interest from investors. Set at a price band of Rs 371 to Rs 390 per share, the IPO was fully subscribed by Day 3, showcasing robust demand. The retail portion was booked 0.97 times, with Qualified Institutional Buyers (QIBs) subscribing 1.52 times, driving the overall demand. This IPO represents a significant milestone for the food delivery giant as it seeks to capitalize on its extensive market presence.
Swiggy’s grey market premium (GMP) reported a decline on Friday, with shares trading at a premium of just Rs 2, representing a 0.51% above the IPO’s upper price band of Rs 390. This sharp drop contrasts with the Rs 9.50 GMP recorded on November 6, the day Swiggy’s IPO opened to the public.
The decline in GMP signifies a shift in market sentiment, as initial enthusiasm appears to have lower down since the IPO’s debut. Investors will be closely watching Swiggy’s allotment and listing performance.
Swiggy’s app, known for its wide services and robust partner network, has boost up user experience by providing diverse choices and ensuring fast delivery times. This strategic combination has helped in the steady growth in Monthly Transacting Users across both its Food Delivery and Quick Commerce services.
As per latest data, Swiggy’s platform reached an impressive milestone of 112.7 million transacting users, making its as a leading player in India’s food and quick commerce markets.
Swiggy IPO final allotment: November 11, 2024
Share will get credited to Demat Account: November 12, 2024
Listing date on BSE and NSE: November 13, 2024.
According to Geogit report, '' The online food delivery market in India grew from ₹112 billion (US$1.4 billion) in 2018 to ₹640 billion (US$8 billion) in 2023 and is expected to become a ₹1400-1700 billion (US$17-21 billion) market by 2028P, growing at a CAGR of 17-22%. Swiggy has reported strong topline growth of ~40% CAGR over FY22-24 to ₹11,247cr in FY24, led by enhanced customer engagements and rapid delivery options in food delivery and Quick Commerce.''
-JP Morgan India Pvt Ltd
-BoFA Securities India Ltd
-Avendus Capital Pvt Ltd
-ICICI Securities Ltd
-JP Morgan India Pvt Ltd
-Citigroup Global Markets India Pvt Ltd.
No, you cannot as yesterday was the last date to apply for the food aggregator’s IPO. As per latest information, IPO of Swiggy has received lukewarm response. The price range for the offering has been set between Rs 371 and Rs 390 per share.
The Bengaluru-based company has set its IPO price range between Rs 371 and Rs 390 per share. This IPO includes a fresh issue of shares valued at Rs 4,499 crore, as well as an offer for sale (OFS) totaling Rs 6,828 crore. At the higher end of this price range, Swiggy’s valuation is estimated at approximately $11.3 billion, or around Rs 95,000 crore.
According to Swiggy draft papers, the firm wants to use the proceeds from the IPO for doing investment in the field of brand marketing, cloud infrastructure, technology upgrade, brand promotion and clearing all its debt.
The Swiggy Rs 11,327 crore initial public offer was fully subscribed on the last day of the share sale on Friday and was subscribed 3.59 times. According to NSE data, the initial share sale received bids for 57,53,07,536 shares against 16,01,09,703 shares.
Investors can place bids starting from a minimum of 38 shares and in multiples beyond that. The table below outlines the minimum and maximum investment options available for retail investors and high net-worth individuals (HNIs), detailing both share quantities and investment amounts.
The Swiggy IPO price band is set at Rs 371 to Rs 390 per share. Retail investors can apply for a minimum lot size of 38 shares, requiring an investment of Rs 14,820. For sNII (Small Non-Institutional Investors), the minimum lot size is 14 lots (532 shares), totaling Rs 207,480, while bNII (Big Non-Institutional Investors) must invest in a minimum of 68 lots (2,584 shares), amounting to Rs 1,007,760.
The Swiggy IPO opened for subscription on November 6, 2024, and closes today, November 8, 2024. The allotment of shares for the Swiggy IPO is expected to be finalized on Monday, November 11, 2024. The IPO will be listed on the BSE and NSE, with the tentative listing date set for Wednesday, November 13, 2024.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Avendus Capital Pvt Ltd, J.P. Morgan India Private Limited, Bofa Securities India Limited, and ICICI Securities Limited have been appointed as the book running lead managers for the Swiggy IPO. Link Intime India Private Ltd will act as the registrar for the issue.
On Day 2 (November 7, 2024), the QIB category saw an increase in subscription, rising to 0.28 times. The NII category also showed growth, with a subscription of 0.14 times. The Retail category continued to perform well, reaching 0.84 times, and the Employee category saw an increase to 1.16 times. As a result, the total subscription for Day 2 reached 0.30 times.
The subscription details for the Swiggy IPO show the following trends across different categories. On Day 1 (November 6, 2024), the Qualified Institutional Buyers (QIB) category saw no subscriptions, with a subscription of 0.00 times. The Non-Institutional Investors (NII) category was subscribed 0.06 times, while the Retail category recorded a subscription of 0.56 times. The Employee category (EMP) stood at 0.76 times, leading to an overall total subscription of 0.12 times.
Swiggy's IPO has a last Grey Market Premium (GMP) of Rs 1, as of November 8, 2024, at 04:32 PM. With a price band of Rs 390, the expected listing price for Swiggy IPO is Rs 391, reflecting a potential gain of 0.26% per share.
Swiggy’s IPO has been subscribed 3.59 times overall. The public issue saw 1.14 times subscription in the retail category, 6.02 times in the Qualified Institutional Buyers (QIB) segment, and 0.41 times in the Non-Institutional Investors (NII) category as of November 8, 2024, at 6:19 PM.
Swiggy’s IPO is a book-built issue worth Rs 11,327.43 crores. It consists of a fresh issue of 11.54 crore shares, raising Rs 4,499.00 crores, and an offer for sale of 17.51 crore shares, amounting to Rs 6,828.43 crores.
"At the upper price band of ₹390, Swiggy is available at Mcap/sales of 7.8x (on FY24 financials), which appears to be fairly priced. We assign a “Subscribe” rating for the issue on a long-term investment basis, considering its strong brand recall, diversified offerings, integrated app, rapid scaling, consistent innovation, expansion of dark stores, and promising industry outlook."
The Swiggy IPO is scheduled to open on November 6, 2024, and close on November 8, 2024. The basis of allotment will be determined by Monday, November 11, 2024, with refunds initiated and shares credited to Demat accounts on Tuesday, November 12, 2024. The listing date for Swiggy's shares is set for Wednesday, November 13, 2024. Investors must ensure that the UPI mandate confirmation is completed by the cut-off time of 5 PM on November 8, 2024.
Canara Bank Securities, DRChoksey FinServ. and Indsec Securities have given "Apply" recommendation to Swiggy IPO. Dilip Davda, SBICAP Securities and Swastika Investmart have given "May Apply" recommendation to Swiggy IPO. Capital Market has "Neutral" view about the IPO.