Swiggy QIP Sees Over 4X Demand as SBI, ICICI Prudential, HDFC & Other Mutual Funds Rush In

Swiggy’s upcoming ₹10,000-crore qualified institutional placement (QIP) has become one of the most sought-after fundraising events of the year, with India’s biggest mutual funds driving massive demand. According to people familiar with ongoing developments, the food-tech platform has attracted more than four times the targeted amount, signalling exceptionally strong institutional appetite.

₹10,000 Crore Target, ₹40,000 Crore Demand

The company aims to raise ₹10,000 crore through its QIP. However, early subscription indicators show overwhelming interest:

• Demand received: Over 4X the fundraising target

• Implication: Swiggy has received bids worth nearly ₹40,000 crore

• Key participants:

  • SBI Mutual Fund

  • ICICI Prudential Mutual Fund

  • HDFC Mutual Fund

  • Kotak Mahindra Mutual Fund

• Interest has also come from large foreign institutional investors (FIIs) in addition to domestic mutual funds.

This scale of demand highlights substantial investor confidence in the company’s direction, strategy, and future growth potential — based purely on bidding enthusiasm visible in the QIP process.

Major Mutual Funds at the Front of the Queue

People familiar with the matter told Moneycontrol that India’s top four mutual funds have emerged as major contributors in driving the QIP’s high demand.

These include:

• State Bank of India (SBI Mutual Fund)

• ICICI Prudential Mutual Fund

• HDFC Mutual Fund

• Kotak Mahindra Mutual Fund

These asset managers collectively represent some of the most dominant institutional investors in India’s capital market ecosystem. Their participation signals that Swiggy’s QIP has drawn strong interest from the top tier of domestic institutional capital.

The demand from just these four major mutual funds has played a crucial role in pushing the total bids to nearly ₹40,000 crore, significantly exceeding the proposed ₹10,000 crore raise.

Also Read: ICICI Prudential AMC IPO GMP Signals Modest Listing Pop — 5 Big Risks You Must Know Before the Launch

Participation Also Expected From Large FIIs

Apart from domestic mutual funds, the QIP has also garnered significant attention from large foreign institutional investors (FIIs).

While the exact names and allocations have not been disclosed, sources confirm that FIIs form a key segment of the oversubscription.

The data highlights:

• Strong foreign interest in India’s digital consumption space

• Continued FII appetite for leading new-age companies

• Market confidence in Swiggy’s strategic position

This combination of domestic MFs and FIIs has pushed the QIP beyond expectations.

Companies Yet to Respond to Queries

As per the source report:

• Swiggy

• SBI Mutual Fund

• Kotak Mahindra Mutual Fund

• HDFC Mutual Fund

• ICICI Prudential Mutual Fund

…have not yet responded to queries regarding the QIP and its subscription details.

The absence of formal comments means that all available information about the QIP demand comes solely from people familiar with the matter.

Growing MF Interest in New-Age Tech Listings

This surge in QIP demand aligns with a broader market trend:
Mutual funds across India have been increasingly subscribing to new-age tech IPOs and fundraising events.

According to earlier Moneycontrol reporting:

• Groww

• Meesho

…also witnessed strong mutual fund participation during their IPOs.

This indicates a growing willingness among mutual funds to back tech-driven consumer companies — especially those with strong market presence, established brand identity, and long-term growth potential.

The Swiggy QIP becoming 4X oversubscribed strengthens this pattern and reflects how major investment institutions are positioning themselves in India’s rapidly expanding digital economy.

QIP Demand Signals Strong Institutional Confidence

Although Swiggy has not released any official statement yet, the extremely high bidding numbers point to strong institutional confidence.

Key takeaways from the oversubscription trend:

• Mutual funds see Swiggy as a strong opportunity within India’s new-age tech space

• Institutional investors are willing to deploy significant capital

• The ₹10,000-crore QIP being oversubscribed by such a wide margin reflects the company’s perceived long-term potential

• Large FIIs joining domestic MFs adds another layer of confidence

• The demand is broad-based, spanning both domestic and international fund houses

The high demand also underscores Swiggy’s position as one of the most closely watched private-market companies preparing for future capital market participation.

Why This QIP Is Getting So Much Attention

Based strictly on the source information, the reasons are clear:

• Massive oversubscription: 4X demand

• Top mutual funds participating: SBI, ICICI Prudential, HDFC, Kotak

• Foreign investors are also bidding: Large FIIs included

• New-age tech company: Fits MF trend of backing tech IPOs

• Large issue size: ₹10,000 crore makes it one of the bigger QIPs in recent months

These elements create a compelling market narrative, driving high attention and engagement from investors, analysts, and the broader financial community.

Conclusion

Swiggy’s ₹10,000-crore QIP is shaping up to be a major capital-market event, fueled by over 4X demand from India’s biggest mutual funds and large FIIs. With bidding interest touching nearly ₹40,000 crore, the placement has already signalled strong institutional confidence in the company.

Top mutual funds — including SBI MF, ICICI Prudential MF, HDFC MF, and Kotak MF — are at the forefront of this demand, reinforcing the increasing trend of domestic MFs actively investing in India’s new-age tech companies.

As companies continue to explore IPOs and QIPs in the technology space, Swiggy’s massive oversubscription stands out as a key indicator of how institutional capital views the evolving digital consumption market in India.

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