IPO subscribed 12 at end of day 1
3day share sale ends Nov. 8
Retail portion subscribed 54
Nov 6 Reuters Food and grocery delivery firm Swiggy39;s 1.4 billion IPO was 12 subscribed after its first day of bidding, with retail investors placing orders for more than half the shares reserved for them in India39;s secondlargest IPO of 2024.
India has been an outlier in Asia with a string of highprofile offerings this year and Swiggy39;s IPO comes after a slide in Indian equities in October due to persistent selling by foreign investors and a lacklustre earnings season.
Swiggy has cut its total valuation twice, by a combined 25 to 11.3 billion, after Hyundai Motor India39;s record 3.3 billion initial public offering last month, which has not fared well since listing, with its share price down by over 5.
Swiggy39;s IPO opened for bids on Wednesday as Indian shares posted their biggest singleday jump in more than six weeks after Donald Trump39;s U.S. presidential election win, with orders due to be taken until Nov. 8 in a 371390 rupee price range.
Retail investors placed orders for about 54 of the 10 of the shares earmarked for them. Institutional investors have a 75 allocation, with 15 bound for noninstitutional buyers such as corporations and highnetworth individuals.
Anchor investors including Fidelity and Norway39;s sovereign wealth fund Norges bought shares worth 605 million on Tuesday.
Swiggy has a solid No. 2 position in India39;s food and grocery market behind…