Tue Nov 12 12:08:35 UTC 2024: ## Swiggy IPO Debuts on Wednesday with Mixed Investor Interest

**Bengaluru, India -** Swiggy, the popular food delivery platform, is set to make its market debut on Wednesday, November 13, after its initial public offering (IPO) concluded on Monday. While the IPO saw decent overall interest, the subscription levels varied across different investor categories.

The IPO was subscribed 3.59 times overall, with strong interest from qualified institutional buyers (QIBs), who subscribed 6.02 times. Retail investors showed moderate interest with a 1.14 times subscription, while non-institutional investors (NIIs) showed less enthusiasm, subscribing only 0.41 times.

Swiggy aimed to raise Rs 11,327 crore through the IPO, including a fresh issue of Rs 4,499 crore and an offer for sale (OFS) component of Rs 6,828 crore. The company opened for subscription with a price band of Rs 371 to Rs 390.

However, the latest grey market premium (GMP) suggests a muted debut for Swiggy shares on Dalal Street. While the GMP was Rs 22 a few days before opening for bidding, it has since declined to Rs 1 as of November 12th. This translates to an estimated listing price of around Rs 391, reflecting an expected gain of only 0.26% per share.

Founded in 2014, Swiggy has grown rapidly, partnering with over 200,000 restaurants across India to deliver food in a booming market. It operates as a B2C marketplace, connecting restaurants and consumers. Despite facing competition from companies like Zomato, Amazon’s India unit, and Tata Group’s BigBasket, Swiggy continues to expand its services and improve operational efficiency.

However, the company has faced challenges, reporting a net loss of Rs 611.1 crore on revenue of Rs 3,310.11 crore for the June 2024 quarter. Total losses reached Rs 2,350.24 crore for the fiscal year ending March 31, 2024.

Investors who participated in the IPO can check their allotment status online through the Bombay Stock Exchange (BSE) website or the website of Link Intime India Private Ltd, the registrar for the issue. Despite the mixed signals from the IPO, Swiggy is expected to continue its growth trajectory in the future.

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