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Swiggy Share Price Debuts Strongly on Stock Exchanges
The stock opened at ₹420 on the NSE, a 7.69% premium over its issue price of ₹390.
Swiggy’s share price had a positive debut on the stock exchanges today, Wednesday, November 13.
The stock opened at ₹420 on the NSE, a 7.69% premium over its issue price of ₹390. On the BSE, Swiggy shares opened at ₹412, reflecting a 5.64% increase compared to the issue price.
Market experts are pleasantly surprised by this performance, given the moderate subscription rate of 3.59 times and the relatively weak initial investor sentiment, which was reflected in the low grey market premium prior to the listing.
The Swiggy IPO allotment was finalised on Monday, November 11. Shares have been credited to the demat accounts of successful applicants on Tuesday, November 12.
The IPO was launched at a time when international funds have been pulling back from domestic stocks amid concerns over slowing earnings growth in the domestic market. Although initial demand for Swiggy's offering was not up to the mark, institutional investors’ strong interest on the final day of bidding helped the issue close on a high note.
The IPO saw healthy participation from both qualified institutional buyers (QIBs) and retail investors. According to data from BSE, the final subscription rate hit 3.59 times on (Friday) November 8.
Despite this, analysts had expected a flat to negative listing, with estimates suggesting a listing price within a 5-10% range above or below the issue price, due to subdued demand from non-institutional investors (NIIs) and prevailing market conditions.
Founded in 2014, Swiggy offers a convenient platform for users to browse, select, order, and pay for meals (food delivery), groceries, and household items (Instamart). The company’s deliveries are made through a network of on-demand delivery partners, catering to a wide range of consumer needs.
