India's leading online food delivery brand Swiggy made a strong debut on the National Stock Exchange (NSE) on November 13. The company's shares were listed at a premium of 7.69 percent over the IPO price, with an opening price of Rs 420 per share on the NSE.
Details of Swiggy shares
Swiggy shares debuted at Rs 420 per share on the NSE, a significant premium over the IPO price of Rs 390. On the BSE, the stock was listed at Rs 412 per share, marking a 5.6 percent premium over the IPO price.
The initial market capitalization of Swiggy stood at Rs 89,549.08 crore during the early trading session, reflecting strong investor interest in the stock.
Despite the positive listing, Swiggy's shares experienced volatility, with a decline of nearly 5 percent to trade at Rs 400.45 on the NSE shortly after listing. This fluctuation indicates mixed sentiments among investors amid market volatility.
Also read: Deepinder Goyal Offers Job to Bengaluru Manager After Reading His Feedback on Zomato's 'Food Rescue' (startuppedia.in)
Zomato welcomes Swiggy
Interestingly, Swiggy’s biggest competitor Zomato has welcomed the former’s debut in the stock market. Zomato’s official social media pages have tagged Swiggy and remarked, “You and I... In this beautiful world,” followed by a heartwarming “heart” emoji.
Netizens have appreciated this friendly gesture from the competing brand and showered with comments. Some even said it is a nice attitude to project in today's competitive world.
An X user wrote, “If you want to go far, walk alone and if you want to go far, walk together.”
While another person commented, “Both are joining hands & increasing platform price.... End of the day Customers paying price for this friendship.”
A third user remarked, “That’s a great gesture, showing how competition should be treated.”
Analysts at global brokerage firm Macquarie initiated coverage on Swiggy shares with an 'underperform' rating, setting a price target of Rs 325 per share. They highlighted the company's growth potential but cautioned about the challenges in achieving profitability.
Also read: Zomato CEO Deepinder Goyal Sponsors Indian Boxer Neeraj Goyat (startuppedia.in)
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