The stock listed at Rs 412, reflecting a jump of 5.64% from the issue price on the BSE. During the day, it surged 19.30% to Rs 465.30. Shares of the firm ended at Rs 455.95, up 16.91%
New Delhi: Shares of food delivery and quick commerce major Swiggy ended with a premium of nearly 17% against the issue price of Rs 390 on Wednesday.
The stock listed at Rs 412, reflecting a jump of 5.64% from the issue price on the BSE. During the day, it surged 19.30% to Rs 465.30. Shares of the firm ended at Rs 455.95, up 16.91%.
At the NSE, shares of the firm made the market debut at Rs 420, a jump of 7.69% The stock ended at Rs 456, higher by 16.92 per cent.
Swiggy’s market cap crossed Rs 1 lakh crore on the day of listing of shares on the stock exchanges.
The company’s market valuation stood at Rs 1,02,062.01 crore.
Rival Zomato has a market valuation of Rs 2,28,463.62 crore.
In traded volume terms, 80.74 lakh shares of Swiggy were traded at the BSE and 1,129.60 lakh shares on the NSE during the day.
Meanwhile, BSE benchmark Sensex tanked 984.23 points or 1.25 per cent to settle at 77,690.95, extending its previous day’s fall. Registering its fifth day of decline, the NSE Nifty tumbled 324.40 points or 1.36 per cent to 23,559.05.
The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.
The initial share sale had a price range of Rs 371-390 apiece.
The company’s IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.
“We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business,” Swiggy CEO Sriharsha Majety said post the listing ceremony.
Majety further noted that the company will continue to invest in various categories.
He also said that Instamart’s average delivery time has reduced over time in big cities, adding, “our delivery time has reduced from 17 minutes to 12 minutes”. Swiggy plans to open bigger dark stores in size as much as 8,000-10,000 sq ft, he said.
