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PremiumSwiggy Share Price Live Updates: Swiggy share price made a positive debut on the bourses today (Wednesday, November 13). Swiggy shares ended the listing day trading session at ₹464 on NSE, an 18.97% premium to the IPO price of ₹390, and at ₹455.95 on BSE, a 16.9% premium.
On NSE, Swiggy share price opened at ₹420 per share, 7.69% higher than the issue price of ₹390. On BSE, Swiggy share price today opened at ₹412 apiece, up 5.64% than the issue price.
Market experts think that this performance exceeds expectations, given the moderate subscription rate of 3.59 times and the initial tepid reaction from investors indicated by the low grey market premium.
Swiggy IPO allotment was completed on Monday, November 11. Shares were credited to the demat accounts of those who were allotted shares on Tuesday, November 12.
The offering arrives at a moment when international funds have been selling off domestic stocks due to worries about declining earnings growth. Initial interest in Swiggy’s deal was weak, but the demand from institutions on the last day propelled it to a robust conclusion.
Swiggy IPO saw robust backing from both qualified institutional buyers and retail investors, with the subscription rate reaching 3.59 times on the last day of bidding, which was Friday, November 8, according to data from BSE.
Analysts pointed out that due to low subscription interest from NII’s and retail investors, coupled with prevailing market sentiments, there is a strong likelihood of a flat to negative listing, estimated to be within the range of +or - 5-10% compared to its issue price.
Established in 2014, Swiggy Limited offers its users a user-friendly platform accessible through a single application to browse, choose, order, and pay for meals (Food Delivery), groceries, and household items (Instamart), with deliveries made to their homes through a network of on-demand delivery partners.
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Swiggy Share Price Live: The stock ended listing day at ₹464 on NSE, an 18.97% premium to the IPO price of ₹390, and at ₹455.95 on BSE, a 16.9% premium.
Swiggy Share Price Live: Swiggy shares are trading 11.03% higher at ₹457.45 as of 3:23 p.m. on the Bombay Stock Exchange after opening at a 5.64% premium. The IPO made a positive Dalal Street debut on November 13.
Swiggy shares on the NSE are trading at a gain of 10.56 per cent at ₹464.35 as of 3:25 p.m. after it was listed at a 7.69% premium on the exchange on Wednesday.
The stock was trading at ₹444.90 per share on NSE, marking a 5.93% increase at 14:45 IST, and at ₹445 per share on BSE, showing a 8.01% rise.
Swiggy’s DRHP report showed that the company has introduced three ESOP plans to date: Swiggy Employee Stock Option Plan 2015, Swiggy Employee Stock Option Plan 2021, and Swiggy Employee Stock Option Plan 2024.
Additionally, Swiggy secured an exemption from the Securities and Exchange Board of India (SEBI) in July this year, allowing its employees to sell shares just one month after the IPO instead of waiting for the usual one-year lock-in period. This move is expected to enhance their wealth-creation opportunities.
According to the company’s Draft Red Herring Prospectus (DRHP) report, 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.
This move is expected to catapult nearly 500 employees at Swiggy into the ‘crorepati’ league, with their holdings now worth crores of rupees, marking a substantial financial milestone for the company’s workforce.
Swiggy recorded a net loss of ₹611.101 crore and revenue of ₹3,310.11 crore for the quarter ending in June 2024. For the financial year that concluded on March 31, 2024, the company noted a net loss of ₹2,350.24 crore and revenue amounting to ₹11,634.35 crore.
The stock was trading at ₹437 per share on NSE, marking a 4.05% increase at 13:13 IST, and at ₹437.05 per share on BSE, showing a 6.08% rise.
Arun Kejriwal, the founder of Kejriwal Research and Investment Services, stated that Swiggy's stock price has exceeded expectations and is currently stable. The trading volumes are still relatively light, so we should observe how the shares perform in the latter part of the day. Investors might consider booking partial profits at these levels. Overall, the market is struggling, and mid-cap and small-cap stocks are facing significant declines.
Swiggy’s listing underscores the dominance of short-term subscribers, evident in the lukewarm participation from Non-Institutional Investors (NIIs) and subdued retail interest. This can be attributed to the company's higher valuation when compared to its only listed peer, making it challenging for investors to justify any frantic applying in IPO
Despite this, I feel, Swiggy's sectoral opportunity, its market share, and readiness are undeniable. In principle, the company's potential warrants attention.
However, considering the prevailing stock market dynamics with respect to Swiggy, it's advisable to allow the dust to settle. The scrip is currently dominated by traders lacking a clear opinion on the company's value proposition. The modest listing gain supports this assessment.
Long-term investors should await an opportune time to accumulate Swiggy shares. The company's December quarter performance will be crucial in backing the issue with tangible numbers. A decent financial reporting will validate Swiggy's potential as a good long-term hold.
“Swiggy can do ₹460-510 targets based on how they perform. Company has sufficient leverage to script a path to profitability," said Vinit Bolinjkar, Head of Research, Ventura Securities.
The stock was trading at ₹444.50 per share on NSE, marking a 5.83% increase at 11:47 IST, and at ₹443.40 per share on BSE, showing a 7.62% rise.
"Swiggy debuted at ₹420, marking a listing gain of 7.6%, which outpaced its grey market premium (GMP) estimate of just 0.26%. Retail investors showed modest interest, subscribing only 1.14 times, indicating low confidence. Current market conditions have kept many investors on the sidelines, especially as numerous high-quality companies remain 15-20% below their all-time highs.
However for those with a higher risk appetite, Swiggy could be an opportunity to capitalize on the valuation gap between Zomato and Swiggy, with potential gains hinging on Swiggy’s ability to enhance operational efficiency over time," said Garg.
Shivani Nyati, who leads Wealth at Swastika Investmart Ltd, believes that the listing signifies a level of optimism regarding Swiggy's long-term growth potential, supported by its strong brand presence, wide-reaching network, and leading status in the food delivery sector. However, the ongoing losses faced by the company, along with the difficult market environment, could dampen investor excitement in the long run.
"Investors should approach Swiggy with a balanced perspective, considering the potential for future growth and the associated risks. Those who are holding it may keep a stop at around the issue price," said Shivani Nyati.
"Swiggy Limited had a solid market debut, with its shares opening 8% above the issue price. As of June 2024, Swiggy reported 112.7 million Monthly Transactional Users (MTUs), indicating strong customer engagement. Although the company has faced consistent losses, it has shown steady revenue growth. Swiggy's strategy to expand its dark store network, optimize logistics, and diversify its offerings is geared towards driving future profitability.
Additionally, Swiggy is focused on accelerating its Instamart service and narrowing the market share gap with competitors like Zomato and Blinkit. We recommend holding Swiggy shares, as the company has strong growth potential for a medium- to long-term investment horizon," said Akriti Mehrotra, Research Analyst, StoxBox.
According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, Swiggy, the leading food delivery and e-commerce platform in India, made a decent debut on the stock market, listing at around ₹420, a 7.6% premium over its issue price of ₹390. This performance is better than expected, considering the moderate subscription of 3.59 times and the initial muted investor response reflected in the low grey market premium.
Brokerage JM Financials noted in its report that while Swiggy presents a reasonable upside on its own, they would favour Zomato if only one choice was available due to its better past execution and leading position in essential segments. Nevertheless, the brokerage recommends that investors consider both (ideally giving Zomato a greater weight), as both are expected to be among the most rapidly expanding consumption brands and may thus surpass broader market returns.
“For allotted investors, one should not expect any kind of listing gains. Hence, only risky investors should consider the company to HOLD FOR LONG TREM despite knowing short term volatility and competitive pressures in the sector. For non-allottees, we advise to wait and watch for the price to settle and revisit the space with better discounted opportunity," said Tapse.
"Today’s listing is a landmark achievement for Swiggy, and a milestone for Prosus in India. Prosus has invested more than $8 billion into some of India’s best known digital companies including Swiggy, Urban Company and Meesho, along with many promising early-stage startups. Swiggy’s IPO is the latest success story for ‘Digital India’.
Since our initial investment, we have consistently backed Swiggy as the team pushed boundaries, expanded into new categories, and enabled behavioural shifts by delivering value and delight to millions of customers across India. We’re confident that Swiggy will build on the strong foundation and customer love they enjoy to deliver many more pioneering innovations in the food and deliveries ecosystem," said Ashutosh Sharma, Head of Growth Investments - India and Asia, Prosus.
The stock was trading at ₹398.35 per share on NSE, marking a 5.15% decrease at 10:15 IST, and at ₹400.85 per share on BSE, showing a 2.71% decline.
Swiggy share price made a positive debut on the bourses today. On NSE, Swiggy share price opened at ₹420 per share, 7.69% higher than the issue price of ₹390. On BSE, Swiggy share price today opened at ₹412 apiece, up 5.64% than the issue price.
“Swiggy is also focused on accelerating its Instamart service and narrowing the market share gap with competitors like Zomato and Blinkit. We recommend holding Swiggy shares with strong growth potential for a medium- to long-term investment outlook," said Mehrotra.
According to CNBC-TV18 news report, brokerage firm Macquarie sees substantial growth potential for Swiggy, although the path to profitability may be difficult and inconsistent. Prior to Swiggy Ltd's listing on the stock exchanges today, the global brokerage firm Macquarie initiated coverage on the stock with an 'Underperform' rating, setting a price target of ₹325 per share.
“We believe the majority of the investor especially NII's & retail stayed back on few reason like 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 +or - 5-10% on its issue price," explained Tapse.
Swiggy has played a pivotal role in the rapid expansion of India’s hyper local on-demand market. It pioneered the full-stack food delivery model in 2014 and later in the midst of a pandemic introduced the dark storeled quick commerce (QC) model. Even today, it continues to be one of the leading hyperlocal delivery platforms in the country, bettered only by Zomato (BUY, TP of INR 300). Despite having ceded some space to competition, it is one of the fastest growing consumption plays with multiple levers to move towards sustainable margins. We initiate on Swiggy with a ‘BUY’ rating and SOTP-based Mar’26 target price of ₹470.
"While the IPO received a decent subscription of 3.59 times, the current grey market premium (GMP) of around ₹1 (0.26%) indicates a muted investor response. This subdued sentiment is likely influenced by the company's continued losses, despite steady revenue growth.
The IPO's valuation, while appearing reasonable based on certain metrics, presents a challenge due to negative earnings. Additionally, the current volatile market conditions may further impact the listing performance.
Given these factors, a cautious approach is recommended. Investors with a high-risk tolerance and a long-term perspective may consider the IPO," said Nyati.
Swiggy IPO GMP today
Swiggy IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹390 with no premium or discount in the grey market according to investorgain.com
Considering the grey market activities from the last 21 sessions, today's IPO GMP is trending downward and is likely to decrease further. The minimum GMP recorded is ₹0, while the maximum GMP stands at ₹25, as reported by investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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