(MENAFN- Live Mint) Popular food delivery aggregator and a direct competitor to Zomato, Swiggy, made its highly anticipated stock market debut on 13 November with its shares at ₹420 on the National stock exchange (NSE) and ₹412 on the Bombay Stock Exchange (BSE).
This is a 7.7% premium over the issue price of ₹390 at NSE and an increase of 5.64% from the IPO price at BSE. According to details, the listing is also set to unlock a significant value in the form of employee stock option plans (ESOPs).
Also Read | Early investors cheer Swiggy's listing pop, but analysts are mixed on the stock
The firm's Draft Red Herring Prospectus (DRHP) report stated that the total number of outstanding ESOPs as of September 2024 stood at 231 million, amounting to a total value of ₹9,046.65 crore based on the IPO's upper price band of ₹390 per share.
Meanwhile, Swiggy also launched a video on YouTube showing how they delivered on their promise of an IPO by December.
Posting a video, they wrote a caption,“Ghanti bajaate bajaate, kahan tak pahunch gae! Swiggy IPO Delivered.”
Also Read | Swiggy reclusive CEO Sriharsha Majety makes rare public appearance at IPO debut Here's the video:
Following the video that was posted, it is still trying to gain some momentum and has received just 21 likes.
Two netizens even commented on the post. One wrote, "I expected NSE bell in the last!", while other wrote, "Ghar ke ghanti se Stock Market ki Ghanti. Sab Swiggy poora karta hai"
Reactions on Swiggy IPO:
With Swiggy made a debut on NSE and BSE, Zomato co-founder and CEO Deepinder Goyal took to X and congratulated the rival firm.
He took to X and wrote,“Congratulations @swiggy! Couldn't have asked for a better company to serve India with.”
Bengaluru South Lok Sabha Tejaswi Surya too congratulated Swiggy on this achievement. He wrote on X,“Congratulations to @Swiggy as it secures a phenomenal $1.34B IPO. This Bengaluru-born startup's success story represents the transformative power of Indian entrepreneurship. Under PM @narendramodi Ji's visionary leadership, our startups are not just scaling heights - they're revolutionising lives across Bharat. Wishing Team @Harshamjty & everyone at Swiggy the best.”
Also Read | Swiggy IPO allotment status out. What GMP signals ahead of share listing date
Meanwhile, Swiggy's archrival, Zomato that went public in July 2021 minted 18 dollar millionaires through its ₹9,375 crore IPO. Furthermore, the Economic Times report noted that at the time of Paytm's IPO in November 2021, around 350 employees, both current and former, became crorepatis.
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