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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.
Zomato's stock fell 2.5% after Macquarie expressed concerns about potential downside risks, suggesting the stock could lose around 50% of its value. Despite raising its price target by 30% to Rs 130, the firm maintained an 'underperform' rating, highlighting challenges in growth and competition.
Vistara operates its final flights today, merging with Air India and reducing India's full-service carriers from five to one, prompting emotional farewells from netizens. Zomato has rebuffed antitrust violation charges from the CCI, stating the report is misleading and lacks conclusive findings. A global index reveals that major food companies like Nestle, PepsiCo, and Unilever sell less healthy products in low-income nations compared to high-income countries.
High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNWIs) in India are diversifying their investments across various asset classes, focusing on equities, real estate, and alternative investments. Key sectors attracting attention include technology, pharmaceuticals, consumer goods, green energy, and financials, driven by urbanization and demand for quality properties. These investors are increasingly sophisticated, seeking high-return and impact-driven opportunities through personalized wealth management solutions.
India's antitrust body has found that food delivery giants Zomato and Swiggy, backed by SoftBank, violated competition laws. The investigation revealed that their business practices favored restaurant chains listed on their platforms, raising concerns about fair competition in the market.
The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.
Swiggy's IPO features both an offer-for-sale and a fresh issue, with proceeds aimed at expansion. As the second-largest player in India's food delivery and quick commerce sector, Swiggy shows promising growth, closing the gap with Zomato, despite its valuations being considered not inexpensive. The company's strong network and customer habit formation are key strengths of its business model.
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