Swiggy IPO: Swiggy IPO anchor book oversubscribed 25x; bids worth over $15 billion received from global and domestic investors

The anchor book, set at $600 million, attracted bids totaling $14 billion, resulting in an oversubscription of 25 times, people aware of the matter said.

Among the major investors vying for a piece of the IPO are global investment firms Fidelity, Capital Group, and Norges Bank Investment Management.

The anchor book bids underscore the growing potential of Swiggy’s fast-growing quick commerce business, Instamart, and its long-term growth plans. Swiggy Group CEO Sriharsha Majety told ET in an interview on Wednesday that quick commerce could be bigger than its food delivery business.

The anchor book will open on November 5.

Swiggy on Tuesday filed its red herring prospectus with the Securities and Exchange Board of India (Sebi) for its Rs 11,300 crore initial public offering (IPO).

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Swiggy will issue shares at a price range of Rs 371-390, per the announcement on Wednesday.The Bengaluru-based food and grocery delivery company increased the targeted primary fundraising through the issuance of new shares to Rs 4,499 crore from its earlier plan of Rs 3,750 crore. In the offer for sale (OFS) window, the company will now sell 175.1 million shares.

This is compared to the earlier plan of selling 185.3 million shares. In an OFS, existing investors part-sell their stake.

Prosus, the largest investor in Swiggy, has decreased the size of its divestment in the company to 109.1 million shares from 118.2 million shares.