Swiggy shares surge on market debut after $1.4b IPO

Swiggy’s shares saw an increase of 7.7% in pre-opening trade on Wednesday on India’s National Stock Exchange.

This rise occurred as the food and grocery delivery company began trading following its IPO valued at US$1.4 billion.

The IPO was oversubscribed by more than three times by institutional investors last week.

The stock was listed at 420 rupees (US$4.98), exceeding its issue price of 390 rupees (US$4.68).

Recent Swiggy developments

Timeline
06-Nov-2024 📦 Swiggy raises $606m from anchor investors before IPO launch Swiggy raises $606M from 75 investors Prepares for $1.35B IPO, aims for $11.3B valuation
29-Oct-2024 📈 Swiggy gears up for $11.3b IPO in November Swiggy IPO priced at Rs 371-390 per share IPO valued at Rs 11,300 crore, starting Nov 6
28-Oct-2024 📉 Swiggy cuts IPO valuation to $11.3b amid market challenges Swiggy cuts IPO valuation to $11.3 billion BlackRock and CPP to invest in $1.4 billion IPO
25-Apr-2024 📈 Swiggy aims to raise $1.25b in planned IPO Swiggy plans $1.25B IPO with shareholder backing. Company to raise $90M from anchor investors pre-IPO.
24-Jul-2023 🍽️ Swiggy to buy back $50 million in ESOPs from employees Swiggy announces $50M share buyback for staff Buyback benefits employees from Dineout acquisition

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