Swiggy shares surge nearly 8% in market debut

At the NSE, shares of the firm made the market debut at ₹420, a jump of 7.69%

Shares of food delivery and quick-commerce major Swiggy were listed with a premium of nearly 8% against the issue price of ₹390 on Wednesday, November 13, 2024.

The stock is listed at ₹412, reflecting a jump of 5.64% from the issue price on the BSE. Later, it surged 7.67% to ₹419.95.

At the NSE, shares of the firm made the market debut at ₹420, a jump of 7.69%.

The company's market valuation stood at ₹89,549.08 crore during the early trade.

The ₹11,327-crore initial public offer of Swiggy was 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 ₹371-390 a share.

The company's IPO (Initial Public Offering) had a fresh issue of shares worth ₹4,499 crore, along with an Offer-For-Sale (OFS) of ₹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.

Published - November 13, 2024 10:44 am IST