Swiggy shares make positive debut on bourses; list at 8% premium on NSE

Swiggy IPO listing today: Swiggy shares made an upward start on D-Street on Wednesday, following the closure of its initial public offering. On the BSE, Swiggy shares listed at Rs 412, reflecting a premium of Rs 22, or 5.6 percent, against the IPO allotment price of Rs 390.

 

Similarly, on the National Stock Exchange (NSE), Swiggy shares opened at Rs 420, higher by Rs 30, or 7.6 percent, from its IPO allotment price.

 

The listing defied grey market trends, as the unlisted shares of the online food delivery platform were trading flat in the grey markets ahead of its listing, revealed sources tracking grey market activities.

 

The Rs 11,327.43 crore offering of Swiggy comprised a fresh issue of 115,358,974 shares and an offer for sale of 175,087,863 shares with a face value of Re 1 apiece. It was available at a price band of Rs 371-390 and a lot size of 38 shares.

 

Swiggy IPO ended for subscription on Friday, November 8, 2024, receiving decent participation and oversubscribing by 3.59 times, driven mainly by Qualified Institutional Buyers (QIBs), who subscribed at 6.02 times, followed by retail investors at 1.14 times. The basis of allotment of Swiggy IPO shares was finalised on Monday, November 11, 2024.

 

Link Intime India is the registrar for the issue, while Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, Bofa Securities India and ICICI Securities are the book running lead managers.

 

Swiggy will use the proceeds from the public issue to invest in its subsidiary Scootsy for purposes including debt repayment, expanding its Dark Store network for Quick Commerce, upgrading technology and cloud infrastructure, brand marketing, and potential acquisitions.

 

Swiggy is an online food and grocery delivery platform that offers users a convenience platform accessible through a unified app. Through the app, users can browse, select, order, and pay for food, grocery, and household items, and have their orders delivered to their doorsteps.