Swiggy IPO Goes Live on NSE: Check Details
Swiggy formally rang the bell of the National Stock Exchange, that is NSE, on November 13, 2024. Listed under the ticker symbol SWIGGY, the online food ordering and delivery business has its shares available for retail and institutional traders across India, that is Bharat. It was issued at ₹390/- and was listed at ₹420/-, including a premium of approximately 8%.
The Swiggy share price is ₹421.60 as of November 14, 2024, closing time. Markets are closed on November 15, 2024, in the light of Guru Nanak Jayanti. The next price change will happen on Monday, that is on November 18, 2024. Owner of Swiggy Instamart, Swiggy was able to raise ₹11,327 crore from its IPO. Thereby, reaching a valuation of ₹1.02 trillion.
Overall offering is split into two types of issues - equity issue and fresh issue.
Swiggy’s equity issue makes up for ₹6,828 crore while the fresh issue makes up for ₹4,499 crore. Its retail subscription was 1.14 times and institutional subscription was almost 6 times at the time of IPO. According to data from Groww, the bidding window was open on November 06, 2024, and closed on November 08, 2024, with a minimum investment of ₹14,098 for a lot size of ~38 shares. The total subscription rate is reported to be 3.46 times.
Swiggy order food online business still has a long way to go, for there is immense competition looming in the market.
For starters, Zomato strengthened its ground by marking a valuation of ₹2.27 trillion after its IPO. Its profit for FY24 is reportedly ₹351 crore. Swiggy, on the other hand, recorded a loss of ₹2,350 crore for FY24.
Finally, new entries are being seen with the likes of Flipkart, Reliance, Amazon, and Big Basket taking their business mainstream for a tough business battle in the sector of online ordering and delivery.
A core focus is on profit margin along with the extent to which a company is willing to tweak its operations for efficiency.
Nevertheless, Swiggy’s NSE listing has been welcomed warmly by Zomato and by Tarun Mehta, the Chief Executive Officer of Ather Energy, through a post on X. Customers of the online food delivery company are also looking forward to the performance of its stocks in the share market. To stretch it a bit further, or rather internally, employees of Swiggy have their sights on the upticks that Swiggy shares price marks in the times to come.
It is estimated that almost 500 employees could bank a lot of money, probably in millions, via SWIGGY on NSE. This would happen through ESOPs, an acronym for employee stock option plans. The total number of outstanding ESOPs was ₹9,046.65 crore for 231 million at the upper price band of ₹390/- for every share. ESOP payouts, when they happen, would benefit Swiggy employees.
ZOMATO is exchanging hands on NSE at ₹269.71 as of November 14, 2024. Also, Internet users are teasing the term Ziggy which could be a name if Zomato and Swiggy ever decide to merge, or announce a joint venture.
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