'You and I in this beautiful world': Zomato reacts to Swiggy's IPO debut with quirky message; post goes viral
By Vinaykumar Patil | First Published Nov 13, 2024, 10:33 AM ISTSwiggy made its debut on the BSE and NSE today, with shares listed at ₹420 and ₹412, respectively. Despite strong IPO demand and being oversubscribed, the stock traded below expectations due to market conditions. Zomato shared support for Swiggy's debut on social media.
Swiggy, the popular online food delivery platform, has officially made its debut on India’s major stock exchanges today, listing its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). While the initial excitement was high, the listing has been somewhat muted, with the stock trading below its issue price due to the market correction and the steep valuation Swiggy commanded.
Sharing the news, Swiggy's rival Zomato, another key player in India’s food delivery space, took to social media to show its support for Swiggy's debut. In a heartfelt post, Zomato shared a picture with the caption, 'You and I… In this beautiful world,' symbolises harmony between the two food delivery rivals. Zomato’s gesture reflects mutual respect within the industry, despite the competitive rivalry
Swiggy IPO is here! Know price band, lot size and other details
Swiggy’s initial public offering (IPO) had been oversubscribed by more than three times last week, generating strong interest from institutional investors. The shares opened at ₹420 on the NSE, reflecting a 7.69% premium over the issue price of ₹390. Similarly, on the BSE, Swiggy shares are listed at ₹412, marking a 5.64% increase from the issue price. Despite a strong opening, the listing did not meet the grey market expectations. Before its listing, Swiggy's shares were trading flat in the grey markets, with a minimal premium of ₹2, suggesting a lukewarm debut.
Swiggy IPO: How to check allotment status online? A step-by-step guide
Swiggy’s $1.3 billion IPO, which closed on November 8, 2024, received overwhelming demand. The offer included a fresh issue of ₹4,499 crore and an offer-for-sale (OFS) of ₹6,825 crore. With a final subscription rate of 3.59 times, the IPO drew strong interest from both qualified institutional buyers and retail investors, making it one of the largest offerings of the year.
The IPO was priced in the range of ₹371-₹390 per share, with shares being allotted based on the final price of Rs 390. Swiggy’s share sale has raised ₹11,327.43 crore, solidifying its place among India’s top public offerings.
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