Swiggy shares rise 16.9% on market debut

The SoftBank-backed food and grocery delivery company’s shares saw a positive response from investors.

Food and grocery delivery startup Swiggy’s shares rose 16.9% in their trading debut on Wednesday. The Bengaluru-based company’s stock closed at Rs 456 ($5.4) after touching a high of Rs 465.8 earlier in the day. 

The stock listed at Rs 420 ($4.98), up 7.6% from its IPO price. Swiggy’s valuation grew to Rs 1.03 lakh crore (about $12 billion) even as both the Sensex and Nifty fell to a five-month low. The IPO for the SoftBank-backed company was oversubscribed 3.59x. It also attracted significant attention from institutional buyers, with the shares reserved for qualified institutional buyers being oversubscribed 6.02x.  …

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Sethu Pradeep

Sethu writes on all things technology at The Morning Context. He previously worked as a senior sub-editor at Indian Express.

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