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Food delivery giant Swiggy made a strong stock market debut on November 13, listing at a premium over its IPO price on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). On the NSE, Swiggy shares opened at Rs 420 per share, a 7.69 percent premium over its issue price of Rs 390. Meanwhile, the shares debuted at Rs 412 on the BSE, reflecting a 5.6 percent premium, before climbing 7.67 percent to Rs 419.95.
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Swiggy’s initial public offering (IPO), which raised Rs 11,327 crore, had been fully subscribed, reaching 3.59 times subscription by the final day of the sale, with a price range set between Rs 371 and Rs 390 per share. Despite subdued grey market expectations, Swiggy’s opening exceeded forecasts, indicating strong initial investor interest.
However, shortly after its listing, Swiggy's shares experienced notable volatility. By around 10:20 am, the stock had fallen nearly 5 percent on the NSE, trading at Rs 400.45, reflecting mixed investor sentiments amid broader market fluctuations. Swiggy's early trading performance underscores the challenges posed by current market conditions, despite the positive reception of its IPO and a robust market capitalization of Rs 89,549.08 crore during early trade. Investors are closely watching the stock's trajectory amid this initial volatility.
