Swiggy IPO: GMP at 5% in unlisted market 3 days ahead of issue opening
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The grey market premium (GMP) of Swiggy stood at 5% or Rs 19 in the unlisted market three days ahead of its initial public offering (IPO), which will hit the Street on November 6 and will be available till November 8. However, a month ago, Swiggy shares were trading at Rs 515 in the unlisted market. The company has fixed a price band of Rs 371-390 per share for the IPO, which means that the investors are willing to pay about Rs 409 for one share of the company. Swiggy is serving the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The valuations were reduced due to prevailing market volatility and the lacklustre debut of Hyundai India. Swiggy’s last private round valuation was $10.7 billion when it raised $700 million in a round led by US asset manager Invesco in January 2022. The company has increased its fresh equity sale in the IPO to Rs 4,499 crore, while reducing its offer for sale (OFS) ...