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2h ago

Swiggy Opens Rs 10,000 Crore QIP at Near-IPO Price to Fuel Instamart Expansion

The placement funds an Instamart expansion push to narrow Swiggy's cash gap with better-capitalised rivals.

The QIP comes as Swiggy shares are down 27 per cent in 2025 so far compared with an 8-9 per cent rise for the NSE Nifty and the BSE Sensex during the same period.

Overview

  • Swiggy launched the qualified institutional placement on December 9 after shareholders approved the raise a day earlier.
  • The board set a floor price of Rs 390.51 per share, near the Rs 390 IPO level, with scope for up to a 5% discount and at least 10% reserved for mutual funds.
  • Most proceeds are earmarked for quick commerce, including Rs 4,475 crore for Instamart’s fulfilment network expansion to 6.7 million sq ft by 2028, Rs 2,340 crore for marketing, and Rs 985 crore for technology, with the balance for acquisitions and general purposes.
  • The stock rose roughly 2–3% intraday and closed up 3.14% at Rs 397.95 on the day the QIP opened.
  • Reports said Citigroup India, JPMorgan India and Kotak Mahindra Capital were shortlisted to manage the share sale, as Swiggy moves to reinforce liquidity after Q2 losses widened even as revenue grew and cash stood near Rs 7,000 crore including Rapido proceeds.