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Swiggy's shares surged over 4% on December 2 after the company announced the expansion of its 10-minute food delivery service, Bolt, to over 400 cities across India. Initially launched in major cities, Bolt is now available in Tier-2 and Tier-3 locations, including Roorkee, Guntur, and Patna. As of 3 pm, shares were trading at Rs 490.55 apiece.
Swiggy's shares surged 20% over three consecutive days, following a lackluster market debut. The rise was fueled by UBS initiating coverage with a "Buy" rating, highlighting Swiggy's improved margins and scale in the online food delivery sector, setting a target price of Rs 515. After hitting a low of Rs 417.2 on November 25, shares climbed to Rs 501.7.
Zomato Ltd is set to launch a qualified institutional placement (QIP) of up to Rs 8,500 crore (approximately $1 billion) in December, contingent on market conditions. The company has engaged Morgan Stanley for the offering, with the potential addition of more investment banks to the syndicate. This move follows the recent IPO of rival Swiggy Ltd, which raised Rs 11,327 crore and debuted with a 7.69 percent gain.
Seventy employees at Swiggy are set to become dollar millionaires, each receiving over Rs 8.5 crore ($1 million) following the company's successful IPO, which raised Rs 11,327 crore. In total, 5,000 employees will benefit from Rs 9,000 crore in ESOP payouts, with 500 earning at least Rs 1 crore each. This marks one of the largest ESOP distributions in India's startup landscape, highlighting the significant wealth generated for stakeholders.
Swiggy's listing on the NSE marked a vibrant departure from traditional corporate attire, with all participants donning the company's signature orange jackets. Co-founder and CEO Shriharsha Majety reflected on the journey from a college project in 2010 to the remarkable success of Swiggy, describing its growth as “not short of a miracle.”
Swiggy's IPO marks a significant achievement for both the company and Prosus, highlighting a milestone for digital commerce in India. Prosus, a major global technology investor, invested $1.3 billion for a 31% stake in Swiggy, which is now valued at over $2 billion, potentially yielding more than $500 million from the IPO.
Zomato congratulated rival Swiggy on its stock market debut, where shares opened at Rs 420, a 7.69% premium over the IPO price. The event saw Swiggy's IPO oversubscribed 3.59 times, raising Rs 11,327 crore, despite mixed investor sentiment. Notably, Zomato's CEO was excluded from "Shark Tank India" due to Swiggy's sponsorship.
JM Financial has initiated coverage on Swiggy, assigning it a 'buy' rating with a price target of Rs 470, indicating a 20% upside from its IPO price of Rs 390. Following its $1.3 billion listing, Swiggy's shares rose modestly, reaching a high of Rs 448, reflecting a 15% gain. The firm highlighted significant growth potential in Swiggy's Instamart rapid grocery delivery service, positioning it as a strong player in India's consumer market.
Swiggy shares surged over 13% on their listing day, November 13, despite Macquarie initiating coverage with an 'underperform' rating and a target price of Rs 325. The stock opened at Rs 412, reflecting an 8% premium over the issue price of Rs 390, but analysts expressed concerns about the challenges in achieving profitability, particularly in the quick commerce segment.
Swiggy's shares surged 15% on their debut after a successful IPO, raising ₹113.27 billion ($1.34 billion) and becoming India's second-largest listing this year. The IPO was oversubscribed over three times, with strong demand from institutional and retail investors. Analysts see potential growth for Swiggy's delivery arm, Instamart, despite challenges in profitability and competition in the quick commerce sector.
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