‘You and I…’: Zomato welcomes Swiggy on Dalal Street after stock market listing

Food delivery giant Zomato welcomed Swiggy stock market debut on Tuesday with a warm social media post.

“You and I… In this beautiful world,” said Zomato’s post on X. The post was accompanied by an image of Swiggy and Zomato delivery persons standing in front of the Bombay Stock Exchange (BSE) building. The post, featuring a banner announcing Swiggy’s listing, showcased a friendly nod between the two food tech giants.

Zomato CEO Deepinder Goyal also congratulated Swiggy on its successful listing. At 11:53 a.m., Swiggy shares were trading at Rs 442.35 on the National Stock Exchange (NSE).

“Congratulations Swiggy! Couldn’t have asked for a better company to serve India with,” Goyal said.

SWIGGY IPO LISTING
Swiggy is now officially listed on the BSE and NSE after its IPO. Shares opened at Rs 420 on the NSE, marking a 7.69% premium over the IPO price of Rs 390. This is better than what the GMP had indicated.

The IPO price band was set between Rs 371 and Rs 390 per share, and the offering raised Rs 11,327 crore, driven by high interest from institutional investors. Qualified Institutional Buyers (QIBs) led the demand with a 6.02 times subscription, while the retail category saw a moderate subscription of 1.14 times.

Swiggy’s IPO was oversubscribed by 3.59 times, but non-institutional investors showed lower interest, with subscriptions at 0.41 times. The listing brought significant returns for major backers like Prosus NV.

Meanwhile, markets remained under pressure, with the BSE Sensex down by over 170 points to 78,495, and the Nifty50 slipping 61 points to 23,822 in early trade.\

Swiggy’s market entry marks the 50th mainboard IPO on the NSE this year, further highlighting investor interest in India’s thriving tech and startup landscape

Meanwhile, Zomato shares were up nearly 1% on the stock exchanges early trade.