New Delhi, Nov 6 (PTI) The initial public offer of food delivery and quick-commerce major Swiggy Ltd subscribed 12 per cent on the first day of the share sale on Wednesday.

The initial share sale received bids for 1,89,80,620 shares against 16,01,09,703 shares on offer, according to data available with the NSE.

Also Read | Shillong Teer Results Today, November 6 2024: Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

The quota for retail individual investors (RIIs) received 54 per cent subscription while the non-institutional investors part got subscribed 6 per cent.

Swiggy on Tuesday said it has collected Rs 5,085 crore from anchor investors.

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for November 6, 2024 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

The Bengaluru-based company's shares are available for public subscription in the price range of Rs 371 to Rs 390 during November 6-8.

The company is aiming to garner Rs 11,327 crore from the IPO, which has a fresh issue of shares worth Rs 4,499 crore along with an offer for sale (OFS) of Rs 6,828 crore.

The valuation of Swiggy has been pegged at about USD 11.3 billion (about Rs 95,000 crore) at the upper price band. Rival Zomato, which went public in July 2021, has a market valuation of Rs 2.25 lakh crore.

Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.

Kotak Mahindra Capital Company, J P Morgan India and Citigroup Global Markets are the managers of the offer.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)