Jaipur, 6 November (HS). Swiggy Limited (the Company), India’s leading on-demand convenience platform, on Wednesday proposed to open its initial public offering. The date of closing of bid-offer has been kept as November 8. The anchor investor bid date was Tuesday, one working day before the bid-offer opening date.
Swiggy Limited Director and Innovation Head Nandan Reddy and Chief Financial Officer Rahul Bothra gave this information to journalists on Wednesday. He said that the price band of the offer has been fixed at ₹ 371 per equity share to ₹ 390 per equity share. Bids can be placed for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter. The Offer comprises a fresh issue of equity shares amounting to Rs 4,499 crore (‘Fresh Issue’) and an offer for sale of up to 175,087,863 equity shares by the selling shareholders (‘Offer for Sale’). The offer comprises reservation of 750,000 equity shares of Re 1 face value for subscription by eligible employees.
He informed that the equity shares offered through Red Herring Prospectus are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The Offer is in accordance with Regulation 31 of SEBI ICDR Regulations along with Rule 19(2)(b) of SCRR. The offer is being conducted through a book building process in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75 per cent of the net offer will be allocated to qualified institutional buyers (QIBs and such share QIB share) on a proportionate basis. Provided that our Company and the Selling Shareholders may, in consultation with BRLM, allocate up to 60 per cent of the QIB Portion to Anchor Investors (Anchor Investor Portion) on a discretionary basis in accordance with SEBI ICDR Regulations, of which one-third will be available to domestic investors. will be reserved for the Mutual Fund, subject to receipt of valid bids from domestic mutual funds, at the price of allotment of equity shares to anchor investors (Anchor Investor Allotment Price), as per SEBI ICDR Regulations. In case of undersubscription or non-allotment in the Anchor Investor Portion, the remaining equity shares will be added to the QIB Portion (except Anchor Investor Portion) (Net QIB Portion). Further, five per cent of the Net QIB Portion will be available for allocation on a proportionate basis only to Mutual Funds and the remaining portion of the Net QIB Portion will be available for allocation on a proportionate basis to all QIBs (except Anchor Investors) including Mutual Funds, Provided that valid bids are received at or above the Offer Price.
He informed that if at least 75 per cent of the net offer cannot be allocated to the QIB, the entire bid amount (as hereinafter defined) will be refunded immediately. However, if the total demand from the mutual fund is less than five per cent of the net QIB portion, the remaining equity shares available for allocation in the mutual fund portion will be added to the remaining QIB portion for proportionate allocation to the QIB. Further, not more than 15 per cent of the net offer will be available for allocation to non-institutional bidders (NIBs).
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Jefferies India Private Limited, ICICI Securities Limited and Avendus Capital Private Limited are the Book Running Lead Managers (BRLMs) of the offer.
,
Hindusthan News / Rohit
Click here to join our Telegram group, also click here to download our app for latest Hindi news and information related to Varanasi.
