Issue priced at a near 4 per cent discount to the Sebi floor price; domestic mutual funds feature among the top allottees
Food delivery and quick commerce firm Swiggy on Saturday said 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 disclosures filed with stock exchanges.
Swiggy allotted 266.67 million equity shares of face value Rs 1 each to eligible qualified institutional buyers at an issue price of Rs 375 per share, including a premium of Rs 374. The issue price reflects a 3.97 per cent discount to the floor price of Rs 390.51 per share, determined under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements regulations.
The share sale aggregates to Rs 9,999.99 crore, the company said. The QIP opened on 9 December and closed on 12 December, with the allotment approved by Swiggy’s Investment & Allotment Committee at a meeting held on Friday.
Following the allotment, Swiggy’s paid-up equity share capital increased to Rs 2,760.31 crore from Rs 2,493.65 crore, with the total number of outstanding equity shares rising to 2.76 billion, the filing showed.
Several domestic mutual fund schemes emerged as major allottees in the issue. Funds managed by ICICI Prudential Mutual Fund, SBI Mutual Fund, and Aditya Birla Sun Life Mutual Fund were each allotted more than 5 per cent of the total shares issued, based on PAN-clubbed disclosures provided by the company.
Swiggy said the shareholding pattern before and after the QIP will be submitted to the exchanges along with its listing application, in line with SEBI’s listing regulations.
The company did not disclose the intended use of proceeds in the filing.
