Softbank-backed Swiggy sees strong grey market demand

Shares of Swiggy, the Softbank-backed food delivery leader, are trading at a premium in the grey market as the company gears up for its initial public offering (IPO) on November 6, 2024. Grey market sources report that Swiggy’s shares are commanding a premium of ₹20, or a grey market premium (GMP) of 5.13% over the upper price band of ₹390.

Softbank-backed Swiggy sees strong grey market demand

Swiggy aims to raise ₹11,327.43 crore through the IPO, comprising a fresh issue of 115.36 million shares and an offer for sale of 175.09 million shares, each with a face value of ₹1. Priced between ₹371 and ₹390 per share, Swiggy’s IPO has a lot size of 38 shares, requiring a minimum investment of ₹14,820. The offering includes a reservation of up to 750,000 shares for employees, available at a ₹25 discount per share.

Subscriptions to close on November 8

The subscription period will close on Friday, November 8, with the allotment basis likely to be finalized by November 11. Investors can expect Swiggy shares to be credited to their demat accounts by November 12, 2024.