Swiggy: Swiggy tops expectations with best major listing in a decade
Mumbai: Shares of Food delivery firm Swiggy on Wednesday listed at a 5.6% premium to its initial public offer (IPO) price of ₹390, making it the first company with issue size of over ₹10,000 crore in the past decade to have listed above the offer price.
The stock closed 17% above its issue price at ₹455.95 in a weak market, surpassing analysts’ expectations of a tepid debut. The company’s market capitalisation at close on Wednesday was ₹1.02 lakh crore.
Brokerage Macquarie initiated coverage on the stock with an ‘underperform’ rating and a target price of ₹325, implying a 28.7% downside from Wednesday’s close. The firm said Swiggy has a ‘long and winding road to profitability.’
“We are very excited for the next wave of our…
