Swiggy, a food and grocery delivery startup, made its stock market debut on Wednesday, with a roughly 8% gain from its initial offering price of 390 rupees.
The company's shares debuted on the NSE for Rs 420, representing a 7.69% rise from the issue price. Meanwhile, on the BSE, the stock was listed at Rs 412, up 5.64 per cent.
Swiggy's market capitalisation also increased during early trading hours to Rs 89,549.08 crore.
The company's Rs 11,327 crore public offering was fully subscribed by Friday's close, with the ultimate subscription rate reaching 3.59 times the initial offering. Retail investors subscribed 1.14 times, while staff bid 1.65 times.
The share transaction occurred within a price range of Rs 371-390 per share. The IPO included a fresh issue of Rs 4,499 crore and an offer-for-sale component of Rs 6,828 crore.
Swiggy's ESOP payout will be among the largest in India's startup sector, akin to the significant $1.4-1.5 billion payout by Walmart-owned Flipkart.
According to the draft documents, the proceeds from the new issuance would be used to improve technology and cloud infrastructure, boost brand presence, conduct promotional activities, settle debts, make potential acquisitions, and meet general business needs.
