Swiggy surges 17% on Dalal Street debut

MUMBAI: Swiggy’s stock closed 17% higher on Wednesday — its first day of trading — even as the sensex dived nearly 1,000 points. The food delivery company’s stock, which was sold at Rs 390 during the IPO, opened the day at Rs 412 on the BSE, hit an intraday high at Rs 465 and closed at Rs 456.

Th rally took Swiggy’s market capitalisation to just above Rs 1 lakh crore, making it the 86th most valued listed company in India. Rival Zomato has a market cap of Rs 2.3 lakh crore and is the 38th most valued listed company in the country.

On the first day of its listing, more than 12 crore Swiggy shares were traded on the NSE and the BSE combined. About half of these shares were marked for delivery, indicating that those were bought not for speculative, day-trading purposes.

Last week, Swiggy closed its Rs 11,327-crore IPO with a subscription of 3.6 times the offer size. The IPO was managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, BofA Securities India, Jefferies India, ICICI Securities and Avendus Capital.

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