Swiggy's IPO Rollercoaster: From Stellar Debut to Market Jitters
Swiggy shares dropped nearly 6% on the second trading day after its IPO. The stock listed with a 17% premium from its issue price. Despite starting strong, Swiggy's market value dipped by Rs 5,842.35 crore. The IPO had raised Rs 11,327 crore, fully subscribed with 3.59 times interest.
- Country:
- India
On its second day of trading, Swiggy's shares witnessed a decline of nearly 6%, a stark contrast to its initial optimistic debut. The stock decreased by 5.72%, closing at Rs 429.85 on the BSE, after hitting an intraday low of Rs 418.65.
On the National Stock Exchange, Swiggy's shares fell by 5.54%, ending at Rs 430.70. This dip led to a significant erosion in the company's market valuation by Rs 5,842.35 crore, bringing it down to Rs 96,219.66 crore.
Swiggy's shares showed a promising start, closing with a 17% premium above the issue price of Rs 390 on the listing day. The Rs 11,327-crore IPO was fully subscribed, attracting 3.59 times its issue size, with the funds earmarked for technological upgrades, brand marketing initiatives, and debt reduction.
(With inputs from agencies.)
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