Swiggy Ltd.'s $1.3 billion initial public offering (IPO) was oversubscribed more than three times on Friday, fueled by strong demand from institutional investors.
Swiggy’s India IPO sold on final day
The offering, one of the few $1 billion-plus listings in India this year, saw bids six times the shares allocated for foreign and domestic funds, with the retail portion fully subscribed.
Despite weak market sentiment and concerns over Swiggy's recent losses, the IPO drew significant interest. Swiggy reported a loss of 6.1 billion rupees ($73 million) for the June quarter, while rival Zomato posted a profit. The IPO includes a fresh issue of 45 billion rupees ($535 million) and a secondary sale of 175.1 million shares, with shares expected to list by November 13.
Allocation figures
Swiggy allocated 130.4 million shares to anchor investors, including Fidelity and Invesco, at 390 rupees per share, the top of the price range.
