The Swiggy delivery team came together after attempting the Guinness World record title for the largest Vada Pav (Indian Burger) delivery in Mumbai. The Swiggy team delivered eleven thousand (11,000) Vada Pavs (Indian Burgers) across the city creating a Guinness World record.
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Shares of Indian food delivery giant Swiggy surged nearly 8% in its trading debut Wednesday after its IPO became the country’s second-biggest this year.
The company raised 113.27 billion Indian rupees ($1.34 billion) in an IPO that closed Monday, at a share price of 390 rupees. The IPO was reportedly oversubscribed more than three times, according to business outlet India Mint.
The listing comes close to Hyundai Motor India’s 278.56 billion rupee IPO in October, India’s largest IPO by the amount raised.
Shares allocated to qualified institutional buyers have been oversubscribed more than six times, according to Mint, while the portion allotted to retail investors is 114% oversubscribed.
The IPO included an offer for the sale of existing shares, worth 68.28 billion rupees, and new shares, worth 44.99 billion rupees.
Lead bookrunners for this IPO include Kotak Mahindra Capital, JP Morgan India, and Citigroup Global Markets India.
Swiggy said the net proceeds of 43.59 billion rupees from the new shares will be used to repay debt in its Scootsy subsidiary, as well as for further investments in the subsidiary.
Proceeds can also be used to finance inorganic growth “through undisclosed acquisitions and general corporate objectives,” among other things.
