Swiggy secures close to Rs 10,000 crore via QIP fundraising

Food delivery and quick commerce firm Swiggy on Saturday announced it has raised nearly Rs 10,000 crore through a qualified institutions placement (QIP), issuing shares at a discount to the regulatory floor price, according to stock exchange filings.

The company allotted 266.67 million equity shares of Rs 1 each to eligible institutional buyers at an issue price of Rs 375 per share, including a premium of Rs 374. The price represented a 3.97% discount to the SEBI-determined floor price of Rs 390.51 per share. The share sale raised a total of Rs 9,999.99 crore. The QIP opened on 9 December and closed on 12 December, with the allotment approved by Swiggy’s Investment & Allotment Committee on Friday.

Following the allotment, Swiggy’s paid-up equity share capital rose to Rs 2,760.31 crore from Rs 2,493.65 crore, and the total number of outstanding equity shares increased to 2.76 billion.

Several domestic mutual fund schemes were among the major allottees, including funds managed by ICICI Prudential Mutual Fund, SBI Mutual Fund, and Aditya Birla Sun Life Mutual Fund, each receiving more than 5% of the total shares issued.

Swiggy said it will submit the pre- and post-QIP shareholding pattern to the exchanges along with its listing application, in line with SEBI regulations. The company did not disclose the intended use of proceeds.