The much-anticipated initial public offering (IPO) of Swiggy Ltd., a popular online food delivery company in India, entered its second day of bidding on November 7, 2024. This IPO has attracted significant attention as Swiggy aims to raise a total of ₹11,327.43 crore from the market through a mix of fresh issues and offers for sale (OFS). Investors have until November 8, 2024, to participate in this offering, giving them a limited window to make their bids.
As of Day 2, Swiggy’s IPO has seen a moderate response from investors. The IPO received 0.14 times the total bids required, with the retail portion subscribed at 0.64 times and the non-institutional investor (NII) portion at 0.08 times. While the response on Day 1 was also slow, the final day of the IPO will likely see a surge in bidding activity, as often seen in public issues.
One of the closely watched factors in an IPO is the grey market premium, or GMP, which can indicate potential listing gains. Swiggy’s GMP is currently ₹11, suggesting that demand for Swiggy shares remains steady in the secondary market. Market experts believe that the grey market premium may gain momentum if the Indian stock market remains stable. The steady GMP implies positive sentiment among grey market investors, who are willing to pay a premium above the IPO price range for Swiggy shares.
Swiggy IPO Price Band and Lot Size
The Swiggy IPO price band is set at ₹371 to ₹390 per share. This range allows investors to place bids within these price limits. Additionally, Swiggy has determined a lot size of 38 shares, meaning investors need to buy at least 38 shares or in multiples of 38 shares.
Important Dates for Swiggy IPO
The Swiggy IPO subscription window closes on November 8, 2024. If subscribed fully, the likely date for the IPO allotment is November 9, 2024, with a backup date of November 11 if any delays occur. Once the allotment is finalized, Swiggy shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 13, 2024.
The Swiggy IPO offers an opportunity for investors to gain exposure to one of India’s top food delivery companies. However, it’s important to keep in mind that IPOs can be unpredictable, and investing should align with individual financial goals and risk tolerance. For those interested, keeping track of the subscription status and market trends until the end of the IPO period on November 8 may provide valuable insights. Consulting a financial advisor can also help make an informed decision.
