Swiggy shares jump 4% after shareholders approve ₹10,000 crore QIP

1) Shares of Swiggy surged nearly 4% in intraday trade on Tuesday after the online food ordering and delivery company received shareholder approval for a fundraise. The quick-commerce platform plans to raise up to ₹10,000 crore via a qualified institutional placement (QIP). 2) Swiggy’s Rs 10,000-crore QIP gets 4.5x subscription; most bids around Rs 375 per share, sources say 3) The issue garnered 4.5-fold subscription from investors, including SBI Mutual Fund, ICICI Prudential, HDFC MF, Kotak MF, GIC, Temasek and Capital Group, one of the persons said, adding around 80-85% of the QIP is being allocated to domestic investors. 4) The Rs 375 pricing for Swiggy’s QIP is a 6% discount to its Wednesday’s closing price of Rs 396.50 on the BSE. At this price, the Bengaluru-based company will dilute around 9.6% of its stake. 5) All this is for information. This is not a buy/sell recommendation. Thank you, Technofunda24