Swiggy, the online food delivery rival to Zomato, is now publicly listed. The firm officially opened for trading on India’s two major stock exchanges — the BSE and NSE — today. And despite initial apprehensions about the valuation, profitability of the business and a muted GMP price, Swiggy listed at a 7% premium across both bourses. For the day, the stock price is already up 7% over the premium, signalling strong appetite for new-age Indian tech stocks.
Swiggy debuted 7.7% higher in pre-open trade on Wednesday, after institutional investors led its $1.4Bn initial public offering to be oversubscribed by more than three times last week. The stock finally listed at ₹412 on the National Stock Exchange (NSE), compared to its issue price of ₹390, commanding a 5.6% premium.
At the time of writing, the stock is trading well above the issue price of ₹390, commanding a nearly 12% premium over the upper band of issue price.
Investors like Accel, Coatue, Alpha Wave, Elevation, Norwest and Tencent are expected to have made windfall gains during the IPO. The Offer For Sale (OFS) comprised of 18.53 crore shares. Swiggy additionally also did a pre-IPO round as well.
