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.


Devdiscourse News Desk | New Delhi | Updated: 14-11-2024 18:09 IST | Created: 14-11-2024 18:09 IST
Swiggy's IPO Rollercoaster: From Stellar Debut to Market Jitters
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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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