Swiggy's delivery team comes together after attempting to claim the Guinness World Record title for the largest Vada Pav (Indian Burger) delivery across Mumbai. Swiggy team delivered eleven thousand (11,000) Vada Pav (Indian Burger) across the city creating a Guinness World Record.
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Shares of Indian food delivery giant Swiggy rose nearly 8% in their first trade on Wednesday after its initial public offering became the second-largest in the country this year.
The company raised 113.27 billion Indian rupees ($1.34 billion) in its initial public offering that closed on Monday, pricing its shares at 390 rupees per share. The IPO was reportedly oversubscribed more than three times, according to Indian business outlet Mint.
The listing comes close on the heels of Hyundai Motor India's Rs 278.56 billion IPO in October, the largest IPO ever in India in terms of amount raised.
Shares allocated to eligible institutional buyers were subscribed more than six times, according to Mint, while the portion granted to individual investors was 114% subscribed.
The IPO included an offer to sell existing shares worth 68.28 billion rupees, and a new issue of shares worth 44.99 billion rupees.
The lead bookrunners for this IPO included Kotak Mahindra Capital, JPMorgan India and Citigroup Global Markets India.
Swiggy said the net proceeds of Rs 43.59 billion from the new issue of shares will be used to repay loans in its Scootsy subsidiary, as well as to further invest in the subsidiary.
Proceeds may also be used to fund inorganic growth “through unspecified acquisitions and general corporate purposes,” among other things.
