Swiggy closes QIP; raises Rs 10,000 crore
Food and grocery delivery company Swiggy has closed its qualified institutional placement (QIP), raising Rs 10,000 crore in fresh capital, according to a regulatory filing made with the exchanges.
Swiggy launched its QIP on Wednesday, and has allocated shares to leading domestic mutual funds and global investors at Rs 375 per share — an 11% discount to its Friday’s closing price of Rs 416.70 on the BSE.
ET had reported on Wednesday that most of the bids received by the company were around Rs 375 per share.
The company’s fundraise comes amid heightened quick commerce competition. The fresh capital adds to Swiggy’s cash balance taking it to around Rs 15,000 crore. It is expecting to garner another Rs 2,400 crore once the sale of its stake in urban mobility startup Rapido closes.
Swiggy launched its QIP on Wednesday, and has allocated shares to leading domestic mutual funds and global investors at Rs 375 per share — an 11% discount to its Friday’s closing price of Rs 416.70 on the BSE.
ET had reported on Wednesday that most of the bids received by the company were around Rs 375 per share.
The company’s fundraise comes amid heightened quick commerce competition. The fresh capital adds to Swiggy’s cash balance taking it to around Rs 15,000 crore. It is expecting to garner another Rs 2,400 crore once the sale of its stake in urban mobility startup Rapido closes.
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