Swiggy Makes Its Stock Market Debut, Lists At 7.7% Premium On NSE (Image:X/NSEIndia)
Food delivery giant Swiggy made its stock market debut on November 12, listing at Rs 420 on the National Stock Exchange (NSE) – a 7.7% premium to its issue price.
This positive start comes despite initial concerns about weak interest in the company’s Initial Public Offering (IPO). However, Swiggy’s IPO ultimately saw racy backing from institutions and retail investors with a subscription rate of 3.59 times on the last day of bidding.
Congratulations Swiggy Limited on getting listed on NSE today. Swiggy Limited provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food (Food Delivery), grocery and household goods (Instamart) and have orders… pic.twitter.com/RKC9l0FnF1
— NSE India (@NSEIndia) November 13, 2024
Analysts had predicted a flat or negative listing due to low interest from some investors and prevailing market sentiments. But Swiggy exceeded expectations and made its debut a monumental event in the market.
On the Bombay Stock Exchange (BSE), it opened at Rs 412, a 5.6% premium. Swiggy’s IPO price band was between Rs 371 and Rs 390 per equity share. Interestingly, the company’s grey market premium dropped majorly ahead of listing from Rs 25 on October 29.
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The IPO, which opened on November 6 and closed on November 8, sold 11.54 crore fresh shares worth Rs 4,499 crore and offered 17.51 crore shares worth Rs 6,828.43 crore for sale.
Prashanth Tapse, Senior Vice President of Research at Mehta Equities stated that low subscription demand from non-institutional investors (NII) and retail investors, coupled with negative market sentiment might have contributed to the modest listing.
Zomato, one of the food giants welcomed Swiggy’s entry into the stock market as the company shared a lovely post on the social media platform. Zomato entered into the stock market in 2021 and has garnered momentum due to its succesful IPO.
You and I… In this beautiful world ❤️ @Swiggy pic.twitter.com/sAFzd8z07E
— zomato (@zomato) November 13, 2024
it’s giving Jai and veeru 😎✨
— Swiggy Food (@Swiggy) November 13, 2024
Swiggy was founded in 2014 and offers a user-friendly platform for users to order food, groceries, and household items, which are then delivered to their homes through a network of on-demand delivery partners.
Also, read| Swiggy IPO Biggest Of This Year, Aims To Raise Rs 3,750 Cr
