Dalal Street welcomes Swiggy; stock lists at 8% premium on NSE
Swiggy, which plans to release its Q2 results soon, will be keenly evaluated by investors across its quick commerce metrics, especially in contrast to Zomato's.
Foodtech major Swiggy listed its shares on the National Stock Exchange (NSE) on Wednesday at Rs 420, which is nearly an 8% premium to the upper band of the company's IPO price of Rs 390 apiece.
On the Bombay Stock Exchange (BSE), the company debuted at a premium of 5.6% at Rs 412 apiece. The stock was trading at Rs 420 apiece in the pre-market trading hours.
Swiggy saw its issue subscribed 3.59 times by the end of its book-building process last Friday, mainly driven by bids from qualified institutional investors. QIBs oversubscribed 6.02 times by the end of the third day after slow activity during the first two days of the book-building process.
The IPO saw muted demand from high net-worth individuals and retail investors, portions for which were subscribed 41% and 1.14 times, respectively.
By the end of the bidding process, Swiggy’s IPO received bids for 57.53 crore shares after offering 16.01 crore shares in its public offer.
Swiggy plans to raise close to Rs 11,700 crore to invest in Scootsy—its material subsidiary—and to repay the company's debt. Additionally, the funds will support the expansion of its dark store network, along with investments in technology and brand-building efforts
Shares of its listed peer Zomato were trading 1.6% lower at RS 256 apiece on the NSE.
Edited by Suman Singh