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Secondary Issues

Food delivery co. Swiggy closes Rs.10,000-Cr QIP

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Bengaluru-based listed foodtech firm Swiggy has raised INR 10,000 crore (around USD 1.2 Billion) through a qualified institutional placement (QIP). The QIP involved the issuance of 26.7 crore equity shares at INR 375 apiece, representing a 4% discount to the floor price of INR 390.5.Major allottees, receiving over 5% of the equity shares, include ICICI MF with 4.3 crore shares (16% of the total offer), SBI MF with 4 crore shares (15%), and Aditya Birla Capital with 1.6 crore shares (6%). The QIP also saw participation from 21 mutual funds, 8 domestic insurance companies, and global investors such as Capital Group, the Government of Singapore, BlackRock, Nomura Asset Management, Temasek, Fidelity, and Goldman Sachs Asset Management.Swiggy plans to deploy INR 4,475 crore of the newly raised capital towards expanding and operating its quick commerce fulfilment network. An additional INR 2,340 crore will be allocated for brand marketing and business promotion, while INR 985 crore will be used to strengthen its technology and cloud infrastructure.