Swiggy Shares Rocket Up Almost 19% After Warm Listing At ₹412 Per Share

The arch-rival of Zomato and food delivery giant Swiggy Ltd. made its debut on the Indian Stock Exchange. Compared to the issue price of Rs 380 per share in IPO, the shares of Swiggy were listed with respectable premium of almost 8 per cent.

The shares of Swiggy Ltd. listed at Rs 412 per share on the NSE (National Stock Exchange); the listing price defied the GMP, which showed Nil GMP for shares of Swiggy.

After listing the shares on the Indian bourse, the stock saw a move of almost 19 per cent from the issue price of Rs 380 per share on the Indian exchanges.

The stock went on to touch the day high level of Rs 449.00 per share on the stock exchange after hitting the opening bell at Rs 380.00 per share on the National Stock Exchange (NSE).

Listing gain for investors

Successful bidders would have been sitting on listing gains of Rs 1,540 (Rs 40 x 38 shares) as soon as trading bagan in the stock, since the minimum bid quantity to apply for the Swiggy IPO was 38 shares.

IPO Details of Swiggy

Total subscription received

The book-built issue received 3.59 times as many subscriptions overall, with qualified institutional buyers (QIBs) acquiring 6.02 times as many subscriptions. Non-institutional investor (NIIS) subscription rates were 41 per cent, while employee portion bookings were 1.65 per share.

IPO structure and size

The Swiggy IPO consists of a sale offer of 17.51 crore shares valued at Rs 6,828.43 crore and a new issue of 11.54 crore equity shares valued at Rs 4,499 crore. The online marketplace for fast food delivery and commerce intends to raise Rs 11,327.43 crore through its initial public offering (IPO).

Minimum bid and price band

Although the food delivery company's initial public offering (IPO) lot size was 38 shares, Swiggy has set a price range of Rs 371 to Rs 390 per share. This suggests that a minimum of Rs 14,820 must be contributed by retail investors in order to bid.