Swiggy was listed at Rs 420 on the National Stock Exchange, a premium of 7.7% to the issue price. The company hit the BSE at Rs 412, a premium of Rs 5.6%. The company’s IPO price band ranged between Rs 371 to Rs 390 per equity share.
Swiggy IPO GMP
The company was neither fetching a premium nor a discount in the grey market. However, the company’s grey market premium dropped significantly ahead of listing compared to commanding Rs 25 to the issue price on October 29. This drop in GMP can be attributed to volatility in Indian equity markets.
Swiggy IPO Details
The IPO was opened on November 06 and closed on November 08. The IPO sold 11.54 crore fresh shares, which amounted to Rs 4,499 crore. Another component of the issue was an offer for sale of 17.51 crore shares which amounted to Rs 6,828.43 crore.
Swiggy IPO allotment and listing
The IPO allotment was finalised on November 11. The registrar of the issue, Link Intime India, acted as the registrar of the issue. The minimum lot size for a retail application was 38 Shares, which amounted to Rs 14,820. The minimum lot size investment for a small NII was 14 lots of 532 shares, amounting to Rs 2,07,480 and for a big NII was 68 lots of 2,584 shares, amounting to Rs 10,07,760.
Expert’s take on Swiggy IPO
“We believe the majority of the investors especially NII’s & retail stayed back for a few reasons like a negative cash flow business model followed by concern on high competition and ongoing negative market mood. Considering low subscription demand from NII’s & retail investors followed by market sentiments, there is a very high possibility of flat to negative listing in the range of 5-10% on its issue price,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
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