The IPO of Swiggy, a giant in the online food delivery sector, is going to open 13 November 2024. There has also been a stir in the gray market regarding this public offer. According to market sources, unlisted shares of Swiggy are trading at a premium of Rs 20, which reflects a gray market premium (GMP) of 5.13% over its upper price band of Rs 390.
Swiggy aims to raise a total of Rs 11,327.43 crore through this IPO. The proposal includes a fresh issue of 115,358,974 shares and an offer for sale of 175,087,863 shares with a face value of Rs 1 per share. Swiggy’s price band has been fixed at Rs 371-390 per share, which can provide attractive investment options to investors.
What is Swiggy?
Swiggy Ltd is a leading food delivery and hyperlocal commerce platform that began food delivery operations in 2014 and expanded into instant commerce in 2020. The company offers food delivery services through Swiggy and home goods delivery services through Instamart. Additional services include dinner bookings through Dineout, event bookings through SteppinOut, hyperlocal commerce under Swiggy Minis, and pick-up and drop-off services through Genie.
Swiggy IPO Stock Price Listing Update
On 13 November, Swiggy’s shares were listed on BSE and NSE. On BSE, Swiggy’s shares were listed at Rs 412 with a premium of 5.64 percent (Rs 22). Whereas on NSE, the shares were listed at Rs 420 with a gain of Rs 30. Let us tell you that the issue price of Swiggy’s IPO was Rs 390.
Swiggy IPO Update
Swiggy has decided to focus on ready-packaged foods like ice cream, sweets and snacks under its ‘Bolt’ service, especially keeping in mind the festive season. The company believes that the demand for things like sweets and snacks increases in this season and delivering it on time will be their priority.
GMP Of Swiggy IPO
The grey market premium (GMP) of Swiggy’s shares is currently quite low. At present, this GMP is being reported to be around Rs 1, which is about 0.2% higher than the issue price. This means that investors are not expecting much premium on this IPO.
Swiggy IPO Target
Swiggy also said that their delivery partners are not given any information about the difference between ‘Bolt’ and regular orders. This means that they will neither be penalized nor given any kind of incentive based on the delivery time. The aim is to ensure that there is no additional pressure on the delivery partners and the quality of service is maintained.
Rohit Kapoor, CEO of Swiggy’s Food Marketplace, said that ‘Bolt’ is the next step in Swiggy’s mission to provide unmatched convenience to consumers. He reminded that ten years ago Swiggy revolutionized food delivery by reducing the average waiting time to 30 minutes and now they are working towards reducing it further and making deliveries faster.
Conclusion
Hopefully, from this post you have got useful information regarding Swiggy IPO Stock Price Listing Update. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
