Swiggy Shares Soar on Market Debut Amidst IPO Success

Swiggy's shares listed at a premium of nearly 17% over the issue price of Rs 390 on its market debut. Swiggy's market valuation soared past Rs 1 lakh crore, with a successful IPO subscription of 3.59 times. CEO Majety envisions growth through tech investments and expanded delivery services.

Swiggy, a leader in food delivery and quick commerce, made a striking debut on the stock market with its shares closing at a premium of nearly 17 percent against the issue price of Rs 390. Initially listing at Rs 412 on the BSE, the stock reached Rs 465.30 during the day before ending at Rs 455.95.

At the National Stock Exchange (NSE), the stock debuted at Rs 420, ultimately closing at Rs 456. This strong performance led Swiggy's market capitalization to cross the Rs 1 lakh crore mark. Despite Swiggy's impressive debut, its rival Zomato maintains a higher market valuation of Rs 2,28,463.62 crore.

The Rs 11,327-crore initial public offering (IPO) was a hit, with 3.59 times subscription. CEO Sriharsha Majety noted plans to expand delivery services and reduce delivery times, investing in technology and infrastructure, and opening larger dark stores for its Instamart service.

(With inputs from agencies.)