Swiggy shares surpass GMP projections by selling at an 8%
- Swiggy’s stock debuts on the NSE at a 7.69% premium.
- This fiscal year, the company is the 50th to be listed on the NSE.
- Swiggy’s June quarter deficit was Rs 611.1 crore.
Swiggy shares opened at Rs 420, a 7.69% premium over their IPO price of Rs 390, and had a respectable debut on the stock exchanges, surpassing gray market projections. At its launch price of Rs 412 on the BSE, the stock represented a premium of 5.64%.
Investors showed a fair amount of interest in Swiggy’s IPO, and the public offering allocation was finalized on Monday.
By November 8, the Swiggy IPO had received 3.59 subscriptions altogether. The retail category’s 1.14-fold subscription rate suggests that individual investors have a reasonable level of demand. Subscriptions for the qualified institutional buyer (QIB) category, on the other hand, increased by 6.02 times. The subscription level for the non-institutional investor (NII) category was 0.41 times lower.
Swiggy is the 175th initial public offering (IPO) on the National Stock Exchange (NSE) in the current fiscal year and the 50th firm to list on the NSE mainboard.
Before the shares were listed, Swiggy’s gray market premium was only Rs 1, indicating a poor stock market debut. However, the listing surprised everyone by getting off to a respectable start on the D-Street.
Established in 2014, Swiggy facilitates meal delivery in a fast expanding sector by partnering with over 200,000 businesses around India. Swiggy, a business-to-consumer marketplace that connects restaurant and merchant partners so that customers can find and buy their products, competes with companies like Zomato, Amazon’s India division, and Tata Group’s BigBasket.
Swiggy recorded a net loss of Rs 611.1 crore for the June 2024 quarter on revenue of Rs 3,310.11 crore. The company’s overall losses for the fiscal year that ended on March 31, 2024, came to Rs 2,350.24 crore. In spite of these obstacles, Swiggy keeps growing its offerings and increasing operational effectiveness in order to set itself up for future expansion.
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