Swiggy Shares Make Debut On Bourses; List At 8% Premium

Shares of Swiggy made their stock market debut today (November 13), listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share.

On the BSE, Swiggy shares started trading at INR 412, a premium of almost 6% to its IPO issue price, and later surged to INR 419.95 in early deals.

The initial public offering (IPO) of the foodtech major was oversubscribed 3.59X on the final day of subscription, receiving bids for 57.53 Cr shares as against 16.01 Cr shares on offer. 

Qualified institutional buyers portion attracted 6.02 times subscription, while the category for retail individual investors was subscribed 114% and that for non institutional investors 41%.

The initial share sale had a price range of INR 371 to INR 390 per share. The total size of the IPO was INR 11,324 Cr. The offer comprised a fresh issue of INR 4,999 Cr and offer for sale (OFS) of 17.5 Cr shares. 

Tencent, Alpha Wave, Goldman Sachs Asia, Norwest Venture Partners, Times Internet, among others, divested their stakes under the OFS. Swiggy’s early backers Accel India and Elevation Capital will pocket more than 34X returns by partially existing their stakes in the company.

As per a Bloomberg report, Prosus pocketed nearly $2 Bn on its investment in Swiggy. 

Further, Swiggy’s founder Sriharsha Majety, Nandan Reddy and Rahul Jaimini are also set to make substantial gains from the IPO. While Reddy and Majety will gain INR 68.08 Cr each by selling 17.45 Lakh shares, Jaimini will pocket INR 45.38 Cr by selling 11.63 Lakh shares. 

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the ‘crorepati’ status.

This comes amid reports that Swiggy is piloting a new services marketplace called ‘Yello’ targeting professional services for consumers.

Further, as reported by Inc42, the company is also launching Rare Life, a concierge service geared towards the growing class of high-net-worth individuals.