Swiggy is scheduled to finalize the basis of allotment of its shares on Monday, November 11. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, November 12. The food-tech player's mega IPO saw a dull response from the investors during the three-day bidding.
The IPO of Bengaluru-based Swiggy was open for bidding between November 6 and November 8. It had offered its shares in the fixed price band of Rs 371-390 per share with a lot size of 38 shares. The company raised a total of Rs 11,327.43 crore from its IPO, which included a fresh share sale of Rs 4,499 crore and an offer-for-sale (OFS) of up to 175,087,863 equity shares.
The issue was overall subscribed only 3.59 times, thanks to the last minute interest from qualified institutional bidders (QIBs), whose quota was booked 6.02 times. The portions retail investors and employees were subscribed 1.14 times and 1.46 times, respectively. However, The portion for non-institutional investors (NIIs) was booked merely 41 per cent.
Grey market premium (GMP) of Swiggy has seen a sharp correction following a muted response from investors. Last heard, the company was commanding a premium of Rs 1 in the unofficial market, suggesting a flat listing for the investors. The GMP stood at Rs 20 before the bidding opened for the issue.
Founded in 2014, Swiggy provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food (food delivery), grocery and household goods (Instamart) and have orders delivered to their homes via an on-demand delivery partner network.
Brokerages mostly had a positive view on the issue and suggested subscribing for a long term citing its leadership in the market, strong entry barriers, solid brand recall, consistent revenue growth. However, negative cash flows, loss making nature of the business and depleting share in quick commerce are the key concerns for the company.
Kotak Mahindra Capital, Citigroup Global India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India and ICICI Securities are the book running lead managers of the Swiggy IPO, while Link Intime India is the registrar for the issue. Shares of Swiggy shall be listed on both BSE and NSE on November 13.
Investors, who had bid for the issue of Swiggy, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Swiggy Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue. 1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.