Swiggy, the popular food delivery app and a competitor to Zomato, is now a publicly traded company.
It started trading today on India's major stock exchanges, the BSE and NSE. Despite initial doubts about its valuation and profitability, Swiggy's shares opened at a price 7% higher than expected, showing strong demand for tech companies in India.
Swiggy, the popular food delivery app and a competitor to Zomato, is now a publicly traded company.
It started trading today on India's major stock exchanges, the BSE and NSE. Despite initial doubts about its valuation and profitability, Swiggy's shares opened at a price 7% higher than expected, showing strong demand for tech companies in India.The stock debuted 7.7% higher in pre-opening trades on Wednesday. It officially listed at ₹412 on the NSE, which is 5.6% higher than its issue price of ₹390. Currently, the stock is trading even higher, with a nearly 12% increase over its issue price.
Investors like Accel, Coatue, Alpha Wave, Elevation, Norwest, and Tencent have likely made significant profits through this IPO. Swiggy’s $1.4 billion IPO was very popular, being oversubscribed by more than three times. The Offer For Sale (OFS) included 18.53 crore shares, and Swiggy had also raised funds in a pre-IPO round.
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