Swiggy Shares Soar in Market Debut: A Promising Start

Swiggy's shares saw an 8% premium on their market debut, jumping to Rs 419.95 on BSE and Rs 420 on NSE. The IPO, fully subscribed at Rs 11,327 crore, plans to use proceeds for technology, marketing, debt, and growth initiatives.

Shares of food delivery giant Swiggy debuted on the stock market with an impressive 8% premium over the issue price of Rs 390 on Wednesday.

The stock opened at Rs 412 on the BSE, reflecting a 5.64% increase, eventually rising further to Rs 419.95. On the NSE, Swiggy's shares started trading at Rs 420, marking a 7.69% surge.

Swiggy's market capitalization was valued at Rs 89,549.08 crore during early trades. The company's Rs 11,327-crore IPO was fully subscribed on its last day, achieving a subscription rate of 3.59 times. The IPO included new shares worth Rs 4,499 crore and an Offer-For-Sale of Rs 6,828 crore. According to draft documents, Swiggy plans to invest the proceeds in technology, brand marketing, debt repayment, and growth strategies.

(With inputs from agencies.)