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    Home / News / Business News / Swiggy shares debut at ₹420, 8% premium over IPO price
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    Swiggy shares debut at ₹420, 8% premium over IPO price
    Swiggy's market cap touched ₹89,549 crore in early trading hours

    Swiggy shares debut at ₹420, 8% premium over IPO price

    By Mudit Dube
    Nov 13, 2024
    11:27 am

    What's the story

    One of India's leading food delivery platform Swiggy has made its debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

    The company's shares started trading on the NSE at ₹420, an 8% premium over their initial public offering (IPO) price of ₹390.

    On the BSE, the stock opened at ₹412, a 5.64% increase from its issue price.

    However, soon after listing, the shares extended gains to trade at ₹443 apiece.

    Investor response

    Swiggy's IPO garners significant interest from investors

    Swiggy's IPO has received a strong response from investors, with the allotment for the public issue concluding on Monday.

    The retail category was subscribed 1.14 times, while the qualified institutional buyer (QIB) segment received a stronger response with 6.02 times subscription.

    The non-institutional investor (NII) category saw a weaker subscription of 0.41 times.

    With its listing, Swiggy has become the 50th company to list on the mainboard of the NSE and the 175th IPO on it in this financial year.

    Market performance

    Swiggy's market cap hits ₹89,549 crore

    Swiggy's market cap touched ₹89,549.08 crore in early trading hours. The company's ₹11,327-crore public offering was fully subscribed by Friday's closing with the final subscription rate hitting 3.59 times the IPO.

    Employee reserved portion was bid 1.65 times.

    The share sale was priced at ₹371-390/share and included a ₹4,499 crore fresh issue and ₹6,828 crore worth of offer-for-sale.

    Employee benefits

    Swiggy's IPO to create wealth for employees

    Swiggy's IPO marks a major wealth-generating milestone in the start-up ecosystem, with around 500 employees to become crorepatis.

    The offering will release ₹9,000 crore via employee stock options (ESOPs).

    Swiggy's ESOP disbursement will be one of the largest in India's start-up industry, similar to the massive $1.4-1.5 billion payout by Walmart-owned Flipkart.

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