2 weeks Ago By Pawan Kumar
New Delhi: Food delivery giant Zomato warmly welcomed its rival Swiggy’s stock market debut today with a celebratory post on social media platform X (formerly Twitter). “You and I..
. In this beautiful world,” read Zomato’s post, accompanied by an image showing Swiggy and Zomato delivery partners in front of the Bombay Stock Exchange (BSE) building. Zomato CEO Deepinder Goyal extended his congratulations to Swiggy, writing, “Congrats, Swiggy! There couldn’t be a better partner to serve India with.
” Swiggy responded with a lighthearted reply, “It’s giving Jai and Veeru vibes.” Swiggy's Stock Listing PerformanceSwiggy shares began trading at Rs 420 on the National Stock Exchange (NSE), a 7.7 per cent premium over the IPO issue price of Rs 390.
At 11:53 a.m., Swiggy shares were trading at Rs 442.
35 on the NSE. Swiggy IPO: Price Band And Subscription StatusThe IPO had a price range of Rs 371-390 per share and successfully raised Rs 11,327 crore, fueled by strong demand from institutional investors. The public offering saw high interest from Qualified Institutional Buyers (QIBs), with a 6.
02 times subscription. The retail category was also subscribed, though moderately, at 1.14 times, while non-institutional investors subscribed at a lower 0.
41 times. Overall, the IPO was oversubscribed by 3.59 times, with major backers like Prosus NV benefiting from the listing.
Zomato And Swiggy’s Strong Market DayAs Swiggy began its journey as a publicly listed company on both the BSE and NSE, Zomato shares rose nearly 1 per cent in early trade. Swiggy’s market entry also marks the 50th mainboard IPO on the NSE in 2024. Meanwhile, broader markets were under pressure.
The BSE Sensex fell over 170 points to 78,495, and the Nifty50 slipped by 61 points to 23,822 in early trading. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Companies, Business Economy and around the world..
