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Swiggy raises Rs 10,000 crore via QIP at nearly 4% discount to floor price - The Economic Times

Economic Times

Economic Times · 5d ago

Swiggy raises Rs 10,000 crore via QIP at nearly 4% discount to floor price - The Economic Times

Food delivery firm Swiggy has raised Rs 10,000 crore through a qualified institutional placement, boosting its cash reserves to about Rs 15,000 crore. Shares were allocated to domestic mutual funds and global investors at Rs 375 each, an 11% discount on the previous closing price. Swiggy is also expecting an additional Rs 2,400 crore from selling its stake in Rapido. This capital will help Swiggy navigate the competitive quick commerce sector.

Related News

Swiggy QIP Oversubscribed 4.5X, Sees Strong Demand From Top Mutual Funds

Inc42 · 8d ago

Swiggy QIP Oversubscribed 4.5X, Sees Strong Demand From Top Mutual Funds

Swiggy's qualified institutional placement (QIP) of INR 10,000 crore saw strong demand, being oversubscribed 4.5 times within an hour of opening. The capital will be raised at approximately INR 375 per share, a 4% discount to the INR 390.51 floor price. Swiggy offered up to a 5% discount to the floor price, attracting interest from top mutual funds and other investors, highlighting the company's strong market appeal and investment potential.

Swiggy’s Rs 10,000-crore QIP gets 4.5x subscription; most bids around Rs 375 per share, sources say - The Economic Times

Economic Times

Economic Times · 7d ago

Swiggy’s Rs 10,000-crore QIP gets 4.5x subscription; most bids around Rs 375 per share, sources say - The Economic Times

Swiggy plans to issue fresh shares priced at Rs 375 in a Rs 10,000-crore qualified institutional placement (QIP), garnering 4.5 times subscription, primarily from domestic investors like SBI Mutual Fund and HDFC MF. The pricing marks a 6% discount from its previous closing price. This capital, along with Rs 2,400 crore from Rapido stake sale, bolsters Swiggy's finances amidst its competitive landscape with rivals like Blinkit and Zepto.

Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price

Entrackr

Entrackr · 5d ago

Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price

Swiggy has closed its Rs 10,000 crore qualified institutional placement (QIP) on December 12 after raising funds from eligible institutional investors. In a filing with the stock exchanges, the company said its Investment and Allotment Committee had approved the issuance and allotment of 26.66 crore equity shares at Rs 375 per share. The issue price represents a 3.97% discount to the floor price of Rs 390.51 and includes a premium of Rs 374 per share. Swiggy has also finalized allocations to qualified institutional buyers and adopted the placement document on December 12. The fundraise follows the shareholder approval received on December 8 when 99.47% of votes cast at the extraordinary general meeting backed the proposal to raise up to Rs 10,000 crore through a QIP. A day later, the company launched the issue and set the floor price at Rs 390.51 per share. Swiggy said that the capital would be used to strengthen its balance sheet and support the expansion of Instamart along with investments in logistics and technology infrastructure. The Bengaluru-based firm's shares gained more than 2% on December 9 as the QIP opened for subscription. The issue saw strong traction from institutional investors. Between December 10 and 11, demand exceeded four times the offer size. Large domestic mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Kotak Mutual Fund reportedly participated in the offering. Global investors such as Temasek, GIC and Nomura also subscribed to the issue. With the allotment completed, Swiggy has executed one of the largest equity raised by an Indian internet company.

Early Nykaa investor to offload $150-million stake via block deal - The Economic Times

Economic Times

Economic Times · 5m ago

Early Nykaa investor to offload $150-million stake via block deal - The Economic Times

Harindarpal Singh Banga, founder of The Caravel Group and an early investor in Nykaa, plans to sell a 2-2.5% stake, valued at approximately $150 million, via a block deal. Banga currently holds nearly 5% of the beauty retailer and is offering shares at a 4% discount to Wednesday's closing price. Foreign institutional investors are expected to purchase the shares. Nykaa's parent company recently reported increased profits and revenue growth for the March quarter.

RateGain Travel Tech to raise Rs 600 crore via QIP

IndianStartupNews

IndianStartupNews · 2y ago

RateGain Travel Tech to raise Rs 600 crore via QIP

RateGain Travel Technologies, a SaaS company in the travel and hospitality sector, plans to raise Rs 600 crore through a Qualified Institutions Placement (QIP). The floor price for the fundraising venture has been set at Rs 676.66 per share, with a potential discount of up to 5%. Despite a 4% drop in share value following the announcement, the company has reported strong financial performance. RateGain aims to achieve an 8% equity dilution through the QIP, with Axis Capital and IIFL Capital appointed as managers. Additionally, RateGain has launched 'World-on-Holiday' to support small travel businesses.

Centum Electronics shares rise 13% intraday, here's why

Business Today

Business Today · 9m ago

Centum Electronics shares rise 13% intraday, here's why

Centum Electronics Ltd. shares rose 13% intraday following a Qualified Institutional Placement (QIP) fundraising initiative. The floor price for the QIP was set at Rs 1,219.65 per share, with a potential 5% discount. The funds aim to support growth and enable the company to provide comprehensive solutions, particularly in defense services. Centum Electronics specializes in designing, manufacturing, and exporting electronic products and providing design services for systems, subsystems, and modules.

Godrej Properties plans to raise ₹4,000 crore via QIP | Company Business News

Livemint

Livemint · 1y ago

Godrej Properties plans to raise ₹4,000 crore via QIP | Company Business News

Mumbai-based real estate firm Godrej Properties is planning to raise around ₹4,000 crore ($534 million) through a Qualified Institutional Placement (QIP). The indicative offer price is set at ₹2,595 per equity share, with the floor price at ₹2,727.44, a 4% discount to the closing price on 27 October. The company had previously announced plans to raise ₹6,000 crore over a period of time. The funds raised will be used for land acquisition, development rights, and general corporate purposes. Godrej Properties aims to achieve a pre-sales growth rate of over 20% by investing in new business developments.

Swiggy board to meet on November 7 to consider Rs 10,000 crore fundraise via QIP - The Economic Times

Economic Times

Economic Times · 1m ago

Swiggy board to meet on November 7 to consider Rs 10,000 crore fundraise via QIP - The Economic Times

Swiggy is planning a board meeting on November 7 to consider raising Rs 10,000 crore ($1.1 billion) through a qualified institutional placement (QIP) to enhance strategic flexibility. Although the company is well-funded for existing growth plans, the dynamic competitive environment necessitates additional capital. This move aims to strengthen its balance sheet and maintain competitiveness against both legacy and new market players attracting investments.

Anil Agarwal's Vedanta seeks over a billion dollars through an upsized QIP issue

Money Control

Money Control · 1y ago

Anil Agarwal's Vedanta seeks over a billion dollars through an upsized QIP issue

Vedanta, the mining conglomerate controlled by Anil Agarwal, has increased its Qualified Institutional Placement (QIP) to $1.02 billion, offering 19.32 crore shares at a floor price of Rs 440 apiece. The move is part of Vedanta's efforts to reduce its standalone debt by $3 billion over the next three years and optimize its capital structure. The company aims to enhance shareholder value and reinforce financial growth and stability. Citi, JM Financial, and Nuvama Wealth have been appointed as bankers for the QIP issue. Vedanta's stock has gained nearly 80% this year.

Swiggy mulls up to $1.5 billion fundraise for balance sheet boost - The Economic Times

Economic Times

Economic Times · 1m ago

Swiggy mulls up to $1.5 billion fundraise for balance sheet boost - The Economic Times

Swiggy is exploring raising up to $1.5 billion through a qualified institutional placement (QIP) to strengthen its balance sheet and compete in the quick commerce market. With competition from Zepto, Blinkit, and others intensifying, Swiggy aims to increase its domestic shareholding and possibly transition to an inventory-led model. The proposed QIP underscores Swiggy’s intent to fortify its financial position before competition escalates and to maintain growth opportunities amidst market challenges.

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