Swiggy shares debut at ₹420, 8% premium over IPO price
One of India's leading food delivery platform Swiggy has made its debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company's shares started trading on the NSE at ₹420, an 8% premium over their initial public offering (IPO) price of ₹390. On the BSE, the stock opened at ₹412, a 5.64% increase from its issue price. However, soon after listing, the shares extended gains to trade at ₹443 apiece.
Swiggy's IPO garners significant interest from investors
Swiggy's IPO has received a strong response from investors, with the allotment for the public issue concluding on Monday. The retail category was subscribed 1.14 times, while the qualified institutional buyer (QIB) segment received a stronger response with 6.02 times subscription. The non-institutional investor (NII) category saw a weaker subscription of 0.41 times. With its listing, Swiggy has become the 50th company to list on the mainboard of the NSE and the 175th IPO on it in this financial year.
Swiggy's market cap hits ₹89,549 crore
Swiggy's market cap touched ₹89,549.08 crore in early trading hours. The company's ₹11,327-crore public offering was fully subscribed by Friday's closing with the final subscription rate hitting 3.59 times the IPO. Employee reserved portion was bid 1.65 times. The share sale was priced at ₹371-390/share and included a ₹4,499 crore fresh issue and ₹6,828 crore worth of offer-for-sale.
Swiggy's IPO to create wealth for employees
Swiggy's IPO marks a major wealth-generating milestone in the start-up ecosystem, with around 500 employees to become crorepatis. The offering will release ₹9,000 crore via employee stock options (ESOPs). Swiggy's ESOP disbursement will be one of the largest in India's start-up industry, similar to the massive $1.4-1.5 billion payout by Walmart-owned Flipkart.
