Swiggy IPO: Share Allotment Likely Today, GMP Hints Muted Listing; How To Check Status Online?

The much-anticipated Swiggy IPO share allotment will be finalized today, Monday, November 11. Those who participated in the subscription process can now check their allotment status via Link Intime India, the IPO's official registrar. The Swiggy IPO, which opened for subscription on Wednesday, November 6, and closed on Friday, November 8, garnered interest across investor categories, with an overall subscription rate of 3.59 times, as per the latest data from BSE.

Swiggy IPO Subscription Breakdown

Swiggy's IPO saw a positive reception, with certain investor categories showing robust demand. Qualified Institutional Buyers (QIBs) led the pack with subscriptions reaching 6.02 times the allocated shares, while Retail Individual Investors (RIIs) subscribed at a lower but notable 1.14 times. Non-Institutional Investors (NIIs) attracted a subscription rate of 41%, showing a decent interest among high-net-worth individuals. Additionally, the employee allocation portion saw a favourable 1.65 times subscription rate.

The IPO experienced a gradual build-up in momentum throughout the subscription period. On the first day, Swiggy's IPO was subscribed at 12%, and by the second day, this figure had jumped to 35%. This upward trend culminated in an overall oversubscription by the final bidding day.

Checking the Swiggy IPO Allotment Status

Investors waiting to see if they have received shares can check Swiggy's IPO allotment status online. Here's how:

On the Link Intime India Website

Visit: Go to Link Intime India's IPO allotment portal at https://linkintime.co.in/initial_offer/public-issues.html.
Select IPO: Choose Swiggy from the dropdown menu once the allotment process is completed.
Choose Verification Mode: Opt to verify your status via Application Number, Demat Account, or PAN.
Choose Application Type: Select ASBA or non-ASBA depending on how you applied.
Enter Details: Input the corresponding details based on your selected option.
Complete Captcha: Finish the captcha and submit the form to view your status.

On BSE's Website

Visit: Go to the BSE's allotment status page at https://www.bseindia.com/investors/appli_check.aspx.
Issue Type: Select "Equity" from the available options.
Issue Name: Pick "Swiggy IPO" from the dropdown list.
Enter PAN/Application Number: Provide your PAN or application number.
Complete Verification: Confirm with "I am not a Robot" and click "Submit."

On NSE's Website

Visit: Go to the NSE's IPO allotment page at https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp.
Sign Up: Register with your PAN if it's your first visit.
Login: Enter your username, and password, and complete the captcha.
Check Status: Once logged in, find and view your allotment status.

Refunds and Listing Date

If you were allocated shares, they would be credited to your demat account on Tuesday, November 12. For those who were not allotted shares, the refund process will be initiated the same day, ensuring a smooth closure of the allotment cycle. Swiggy's shares are set to debut on the stock exchange on Wednesday, November 13.

Swiggy IPO Details and GMP

Swiggy's IPO comprises a fresh issue worth Rs 4,499 crore, coupled with an offer-for-sale (OFS) of 17,50,87,863 equity shares by its existing stakeholders. The OFS component allows several notable shareholders to partially exit, including major venture capital and private equity players like Accel India IV, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia, DST EuroAsia, Elevation Capital, and Tencent Cloud Europe.

The lead managers of the IPO include Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India, and ICICI Securities, with Link Intime India Private Ltd acting as the registrar for the offering.

Swiggy's IPO debut has generated market buzz, not only due to its reputation as a major food delivery platform but also due to the pricing strategies and trends observed in the grey market. Currently, Swiggy's Grey Market Premium (GMP) is set at Rs 1, suggesting a marginal premium above the IPO price of Rs 390, pegging the anticipated listing price around Rs 391. The grey market has seen fluctuation over the past 19 sessions, with the GMP ranging from Rs 0 to Rs 25. This minimal premium, however, indicates market caution, with sentiment mildly positive but tempered by a modest listing expectation.

Grey Market Premium (GMP)

The Grey Market Premium is an informal indicator that reflects investor demand and willingness to pay above the issue price ahead of the official listing. A GMP of Rs 1, as observed for Swiggy's IPO, suggests that while there is some optimism, it remains conservative.

Historically, GMP trends can sometimes offer clues on how an IPO will perform on listing day, but they are not definitive predictors. Swiggy's subdued GMP may imply that investors expect the stock to trade close to its issue price initially, with future performance potentially depending on Swiggy's post-listing financial results and strategic expansions.