Swiggy Shares Make Debut On Bourses; List At 8% Premium

Share via:


SUMMARY

Shares of Swiggy made their stock market debut today (November 13), listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share

The INR 11,324 Cr IPO of Swiggy was oversubscribed 3.59X on the final day of bidding

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the ‘crorepati’ status

Shares of Swiggy made their stock market debut today (November 13), listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share.

On the BSE, Swiggy shares started trading at INR 412, a premium of almost 6% to its IPO issue price, and later surged to INR 419.95 in early deals.

The initial public offering (IPO) of the foodtech major was oversubscribed 3.59X on the final day of subscription, receiving bids for 57.53 Cr shares as against 16.01 Cr shares on offer. 

Qualified institutional buyers portion attracted 6.02 times subscription, while the category for retail individual investors was subscribed 114% and that for non institutional investors 41%.

The initial share sale had a price range of INR 371 to INR 390 per share. The total size of the IPO was INR 11,324 Cr. The offer comprised a fresh issue of INR 4,999 Cr and offer for sale (OFS) of 17.5 Cr shares. 

Tencent, Alpha Wave, Goldman Sachs Asia, Norwest Venture Partners, Times Internet, among others, divested their stakes under the OFS. Swiggy’s early backers Accel India and Elevation Capital will pocket more than 34X returns by partially existing their stakes in the company.

As per a Bloomberg report, Prosus pocketed nearly $2 Bn on its investment in Swiggy. 

Further, Swiggy’s founder Sriharsha Majety, Nandan Reddy and Rahul Jaimini are also set to make substantial gains from the IPO. While Reddy and Majety will gain INR 68.08 Cr each by selling 17.45 Lakh shares, Jaimini will pocket INR 45.38 Cr by selling 11.63 Lakh shares. 

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the crorepatistatus.

This comes amid reports that Swiggy is piloting a new services marketplace called ‘Yello’ targeting professional services for consumers.

Further, as reported by Inc42, the company is also launching Rare Life, a concierge service geared towards the growing class of high-net-worth individuals.

 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Swiggy Shares Make Debut On Bourses; List At 8% Premium


SUMMARY

Shares of Swiggy made their stock market debut today (November 13), listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share

The INR 11,324 Cr IPO of Swiggy was oversubscribed 3.59X on the final day of bidding

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the ‘crorepati’ status

Shares of Swiggy made their stock market debut today (November 13), listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share.

On the BSE, Swiggy shares started trading at INR 412, a premium of almost 6% to its IPO issue price, and later surged to INR 419.95 in early deals.

The initial public offering (IPO) of the foodtech major was oversubscribed 3.59X on the final day of subscription, receiving bids for 57.53 Cr shares as against 16.01 Cr shares on offer. 

Qualified institutional buyers portion attracted 6.02 times subscription, while the category for retail individual investors was subscribed 114% and that for non institutional investors 41%.

The initial share sale had a price range of INR 371 to INR 390 per share. The total size of the IPO was INR 11,324 Cr. The offer comprised a fresh issue of INR 4,999 Cr and offer for sale (OFS) of 17.5 Cr shares. 

Tencent, Alpha Wave, Goldman Sachs Asia, Norwest Venture Partners, Times Internet, among others, divested their stakes under the OFS. Swiggy’s early backers Accel India and Elevation Capital will pocket more than 34X returns by partially existing their stakes in the company.

As per a Bloomberg report, Prosus pocketed nearly $2 Bn on its investment in Swiggy. 

Further, Swiggy’s founder Sriharsha Majety, Nandan Reddy and Rahul Jaimini are also set to make substantial gains from the IPO. While Reddy and Majety will gain INR 68.08 Cr each by selling 17.45 Lakh shares, Jaimini will pocket INR 45.38 Cr by selling 11.63 Lakh shares. 

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the crorepatistatus.

This comes amid reports that Swiggy is piloting a new services marketplace called ‘Yello’ targeting professional services for consumers.

Further, as reported by Inc42, the company is also launching Rare Life, a concierge service geared towards the growing class of high-net-worth individuals.

 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Mission Space launches next quarter to provide real-time space...

When you board a plane, the pilot already...

Meta hit with $840 million fine for linking Facebook...

In a statement, the EU’s competition head Margrethe...

Indian flying taxi startup secures $14m series B

The ePlane Company is aiming for a full-scale...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!