Fri Nov 08 13:34:45 UTC 2024: ## Swiggy IPO Fully Subscribed on Third Day, Despite Initial Weak Demand

**MUMBAI, INDIA** – Swiggy, the Indian food delivery giant, has successfully completed its $1.3 billion initial public offering (IPO) after attracting strong investor interest on the final day of bidding. The offering, one of the largest in India this year, was fully subscribed on Friday, though initial demand from large investors was muted.

The IPO saw bids for 40,59,18,888 shares against 16,01,09,703 shares on offer, translating into a 2.54 times subscription. Qualified Institutional Buyers (QIBs) subscribed 4.16 times their allotted portion, while Retail Individual Investors (RIIs) subscribed 1.03 times. However, the quota for non-institutional investors only received 30% subscription.

Swiggy’s IPO attracted significant interest from anchor investors, with the company raising ₹5,085 crore from 151 funds, including global names like Fidelity International and Invesco.

While the IPO was initially met with cautious investor sentiment, the final day saw robust demand, likely driven by optimism regarding Swiggy’s growth potential in India’s burgeoning on-demand delivery market. The company’s reliance on a large network of gig-based delivery partners, its expansion into quick commerce, and its diverse portfolio of services, including food delivery, grocery services, and restaurant reservations, are seen as key competitive advantages.

Despite recent antitrust investigations, Swiggy remains optimistic about its future growth, highlighting its ability to adapt quickly to market trends and its decade of experience in understanding the Indian consumer. The company plans to use the IPO proceeds to invest in technology and cloud infrastructure, brand marketing, and potentially inorganic growth.

The listing of Swiggy shares on the stock exchange is expected by November 13th.

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