India, Dec. 9 -- A day after receiving shareholder nod, consumer services major Swiggy has opened its INR 10,000 Cr ($1.2 Bn) qualified institutional placement (QIP) for subscription. The floor price of the issue is set at INR 390.51 per share, a near 2% discount from the company's closing price of INR 397.95. Besides, the company may offer a discount of up to 5% on the floor price.

A minimum of 10% of the issue would be reserved for mutual funds while the remainder would be available for subscription to all eligible QIBs.

In line with expectations, a majority of the funds would be utilised to expand its quick commerce vertical, Instamart. The largest share of INR 4,475 Cr is earmarked for expanding and running its quick commerce fulfil...