As Swiggy made its stock market debut with an 8% premium on NSE and 5.6% on BSE, rival Zomato extended a warm welcome to the company on X. Zomato tweeted a warm welcome to Swiggy: “You and I… In this beautiful world @swiggy.” Meanwhile, Swiggy’s reply referenced the iconic duo: “It’s giving Jai and Veeru.”
it’s giving jai and veeru 😎✨
---Advertisement---— Swiggy Food (@Swiggy) November 13, 2024
Zomato CEO Deepinder Goyal extended a warm welcome to Swiggy on Twitter, “Congratulations @Swiggy! Couldn’t have asked for a better company to serve India with.”
Congratulations @swiggy!
Couldn't have asked for a better company to serve India with. https://t.co/ZgU5tIt1pW---Advertisement---— Deepinder Goyal (@deepigoyal) November 13, 2024
Zomato Wishes Swiggy: All Details Of The IPO
Swiggy’s shares debuted on the Indian bourses with a slight premium over the issue price on Wednesday. Accordingly, Swiggy’s shares debuted on the BSE at Rs 412, an 5.6% premium to the issue price of Rs 390. On the National Stock Exchange (NSE), Swiggy’s shares opened at Rs 420, surpassing the IPO price by Rs 30.
Swiggy’s listing premium exceeded expectations, jumping from flat grey market levels. Swiggy’s Rs 11,327-crore IPO was fully subscribed on the last day, ending with 3.59 times subscription. The company’s IPO was priced between Rs 371 and Rs 390 per share.
Swiggy taps into India’s thriving online food delivery and quick commerce markets, fuelled by rapid growth. Notably, India’s online food delivery market expanded 5.7 times from Rs 112 billion in 2018 to Rs 640 billion in 2023 and is expected to more than double by 2028, reaching Rs 1,400-1,700 billion. Likewise, Swiggy’s dominant presence in the online food delivery and quick commerce space, positions it for success in smaller cities, where convenience-seeking consumers are driving growth.
ALSO READ: Swiggy IPO: Shares Listed At 7.6% Premium On Its Listing Day – Check All Details
