Swiggy grey market premium (GMP) is currently at 5%, or Rs 20, in the unlisted market, just a day before its initial public offering (IPO) opens on November 6. The subscription period for the IPO will run until November 8.

Swiggy is set to launch its initial public offering on Wednesday, allowing investors to subscribe until Nov. 8. As of 5:03 a.m. on Wednesday, the company's shares were trading with a grey market premium of Rs 12, representing 3.08% premium over the upper end of the price band set at Rs 390.

Swiggy brought the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The company plans to raise around Rs 11300 crore through the issue.

Swiggy is a rival of already listed Zomato, which received strong demand during its public offer. Could Swiggy surpass Zomato in IPO subscriptions and listing? Lets understand, including other key details of the IPO.

The Swiggy IPO will be open for subscription between Nov. 6 and Nov. 8. Share allotment of the issue is likely to be done on Monday, Nov. 11.

The company has fixed a price band of Rs 371-390 per share for the IPO, which means that the investors are willing to pay about Rs 410 for one share of the company.

Three days ahead of the issue opening, Swiggy's gray market premium (GMP) stood at 5% or ₹19 in the unlisted market. This means investors are ready to pay around ₹409 for one share of the company, which suggests that the buzz surrounding the IPO is muted.

Food delivery giant Swiggy is planning to raise about Rs 11,327.43 crore to invest in R&D and expand its quick commerce business with its latest IPO. Moreover, Swiggy is offering its upcoming IPO at a lower valuation of $11.

Swiggy is serving the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The valuations were reduced due to prevailing market volatility and the lacklustre debut of Hyundai India.