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Stock Market Today | Swiggy Price & IPO Listing Live: Swiggy shares settle at 456, 16.92% up from the issue price of 390

Stock Market Today | Swiggy Price & IPO Listing Live: The food delivery service provider, debuted on stock exchanges with Rs 420 o...

The Times of India | Nov 13, 2024, 05:58:31 IST

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05:58 (IST), Nov, 13

Swiggy-backed Rapido sees net loss at Rs 371 crore in FY24

Rapido registered a net loss of Rs 371 crore last fiscal (FY24) from Rs 675 crore in FY23.

Controlled expenditure helped the company cut losses by about 45 per cent in FY24 from Rs 675 crore in FY23, as return on capital employed (ROCE) and EBITDA margins stood at -90.7 per cent and -52.5 per cent, respectively.

The Swiggy-backed platform spent Rs 1.65 to earn Rs 1 last fiscal, according to its financials.

Its operational revenue went up almost 46 per cent to Rs 648 crore in FY24 against Rs 443 crore in FY23.

Its transportation services made 55.9 per cent of the operating revenue, which increased 48.4 per cent to Rs 362 crore in FY24. Rapido cut down employee costs by 16.9 per cent to Rs 172 crore.

14:12 (IST), Nov, 13

Swiggy IPO Listing Live: Zomato CEO's heartfelt message as rival Swiggy makes market debut

Swiggy, India's food and grocery delivery giant, made its much-anticipated stock market debut on Wednesday. The occasion sparked a heartwarming exchange on social media between the market rivals, led by Deepinder Goyal, the CEO of Zomato, Swiggy’s primary competitor.In a congratulatory post, Goyal praised Swiggy’s milestone with a heartfelt message, saying, “Congratulations Swiggy! Couldn't have asked for a better company to serve India with.” Read full story

13:51 (IST), Nov, 13

Swiggy IPO Listing Live: Zomato CEO Deepinder Goyal congratulates Swiggy on stock market debut

13:08 (IST), Nov, 13

Expecting very solid growth for next 3-5 years: Swiggy CEO Sriharsha Majety

Swiggy CEO Sriharsha Majety expressed confidence in "very solid" growth over the next 3-5 years, highlighting plans to expand Swiggy's geographical reach and stores network for its Instamart quick-commerce business. He noted that Instamart's average delivery time in major cities has improved, dropping from 17 to 12 minutes, and announced plans to open larger dark stores of up to 10,000 sq ft. Addressing the ongoing Competition Commission probe, Majety stated Swiggy’s commitment to compliance with all relevant laws and practices.

13:01 (IST), Nov, 13

Expecting very solid growth for next 3-5 years: Swiggy CEO Sriharsha Majety

Swiggy CEO Sriharsha Majety expressed confidence in "very solid" growth over the next 3-5 years, highlighting plans to expand Swiggy's geographical reach and stores network for its Instamart quick-commerce business. He noted that Instamart's average delivery time in major cities has improved, dropping from 17 to 12 minutes, and announced plans to open larger dark stores of up to 10,000 sq ft. Addressing the ongoing Competition Commission probe, Majety stated Swiggy’s commitment to compliance with all relevant laws and practices.

12:45 (IST), Nov, 13

Aditya Birla Capital analyst's pre-listing note

"Swiggy's initial focus on in-house innovation gave it an edge, but competitors like Zomato and Zepto have since overtaken it in food delivery and quick commerce," said Ninad Sarpotdar.

Sarpotdar also added that ongoing losses and a "slightly high valuation" were also negative factors.

12:19 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy valuation at nearly Rs 100 thousand crore

Swiggy's total market cap was calculated at Rs 98,861.03 crores as per NSE data.

11:53 (IST), Nov, 13

Head of wealth at Swastika Investmart Shivani Nyati's analysis of Swiggy IPO

"The listing reflects a degree of optimism about Swiggy's long-term growth prospects, driven by its strong brand recognition, extensive network, and dominant position in the food delivery market," said Shivani Nyati. "However, the company's continued losses and the challenging market conditions may temper investor enthusiasm in the long term," she added.

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11:34 (IST), Nov, 13

Stock Market Today: Markets decline in initial trade amid soaring inflation, foreign fund exodus

Equity benchmark indices declined in early trade, with the BSE Sensex falling by 239.69 points to 78,435.49 and the NSE Nifty dropping by 103.15 points to 23,780.30. This decline was driven by rising retail inflation, which surged to a 14-month high of 6.21% in October, fueled by increasing food prices. Additionally, continued foreign fund outflows, muted quarterly earnings, and weak global market trends contributed to the market downturn. Foreign Institutional Investors (FIIs) sold equities worth Rs 3,024.31 crore. Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, were also trading lower, while US markets ended in negative territory. Global oil prices saw a slight rise, with Brent crude at USD 72.14 per barrel. On Tuesday, the Sensex fell 820.97 points, or 1.03%, and the Nifty declined 257.85 points, or 1.07%.

11:32 (IST), Nov, 13

Swiggy IPO Listing Live: Investory Pte's independent analyst's view on Swiggy IPO

“Zomato trading up is providing a strong backdrop to Swiggy’s performance,” said Devi Subhakesan, an independent analyst from Investory Pte. "The small portion of stock reserved for retail investors, at 10% of offered shares, in Swiggy’s IPO, might have also eased selling pressure at the start of trading," Subhakesan added, as quoted by Bloomberg

11:27 (IST), Nov, 13

Swiggy IPO Listing Live: Macquarie has set a target price of 325 rupees on the stock, nearly 17% lower than Swiggy's IPO price.

"Despite a strong potential growth runway and an improving margin profile, we believe Swiggy still has a long and winding road to profitability," said Macquarie Capital analysts who earlier gave "underperform" rating to food delivery giant's IPO.

11:01 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy surges to Rs 430 after stock market debut at Rs 420

Swiggy's trade price surged to over Rs 437 as at 11 am following its stock market debut at Rs 420 on NSe and Rs 412 on BSE. The current price markes around 11% premium over its listing price.

10:37 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy's market valuation amid stock market debut at Rs 420 on NSE

The company's market valuation stood at Rs 89,549.08 crore during the early trade. Read full story

10:24 (IST), Nov, 13

Swiggy IPO Listing Live: 9 execs who will become richer by Rs 50 crore or more

Swiggy's shares debuted 7.7% higher in pre-open trade on November 13, following the oversubscription of its $1.4 billion initial public offering (IPO) by more than three times last week. The stock listed at Rs 420 on the National Stock Exchange, compared to its issue price of Rs 390.

Aa per reports, Swiggy's founders and top management were allocated ESOPs worth nearly Rs 2,600 crore in its latest stock ownership plan. This includes founder and group CEO Sriharsha Majety; cofounders Nandan Reddy and Phani Kishan Addepalli; chief financial officer Rahul Bothra; chief technology officer Madhusudhan Rao; food marketplace CEO Rohit Kapoor; and newly appointed CEO of Swiggy Instamart, Amitesh Jha. Read full story

10:16 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy's shares jump in trading debut after $1.4 billion IPO

Swiggy saw its shares open 7.7% above the initial price during Wednesday's pre-open trading session. This followed the successful completion of its $1.4 billion initial public offering, which institutional investors helped oversubscribe by more than threefold in the previous week.

The company's shares commenced trading at 420 rupees ($4.98) on the National Stock Exchange of India, surpassing its original issue price of 390 rupees.

10:07 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy shares listed at Rs 412 on BSE, 420 on NSE

The food delivery service provider, debuted on stock exchanges with Rs 420 on NSE, marking a 7.69% increase above its initial public offering price of Rs 390.
On BSE, the company's shares began trading at Rs 412, registering a 5.64% gain over the IPO price.

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09:53 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy's pre-op trade price at Rs 420 on NSE

The pre-op listing price for Swiggy shares on the National Stock Exchange (NSE) stands at Rs 420, indicating a potential gain of 7.69% compared to the initial public offering (IPO) price.

09:42 (IST), Nov, 13

Swiggy IPO Listing Live: Prosus gains $2 billion on Swiggy investment with IPO valuation

Tencent Holdings Ltd.’s top backer Prosus NV said it has made more than $2 billion on its Swiggy investment as it continues to highlight the value of its portfolio outside of its stake in the Chinese tech giant.

Prosus and its controlling shareholder Naspers Ltd. have invested $1.3 billion building a 31% stake in Swiggy ahead of its stock market debut in India on Wednesday. The food delivery firm is targeting an initial public offering valuation of up to $11.3 billion.

Prosus will sell down shares in the IPO and retain 25% of Swiggy, similar to its stake in Tencent, Prosus’s Chief Investment Officer Ervin Tu said an interview. The share sale is expected to generate a return of more than $500 million for Prosus, he added. Read full story

09:25 (IST), Nov, 13

Sensex Today Live: Sensex opens with over 170 points drop, Nifty at 23,800 ahead of Swiggy IPO listing

The Indian equity markets continued to show weakness on Wednesday as the benchmark indices opened in the red. The BSE Sensex dropped over 170 points, trading at 78,495.53, a decline of 0.23%. The Nifty50 index also saw a slight dip, shedding 61 points, or 0.26%, to reach 23,822.45.

On Tuesday, Indian markets faced a steep decline, with the Sensex losing over 900 points and closing at 78,675.18, down by 820.97 points, or 1.03%. The Nifty50 mirrored this performance, slipping to 23,883.45 with a loss of 257.85 points, or 1.07%. The decline followed a lackluster Monday session, influenced by global market cues, sustained foreign institutional investor (FII) selling, and mixed quarterly earnings reports. Read full story

09:14 (IST), Nov, 13

Swiggy IPO Listing Live: Employees allowed to sell Swiggy shares a month after IPO

An exemption on the mandatory one-year lock-in period, secured by Swiggy from the Securities and Exchange Board of India (SEBI) in July this year meant that employees are allowed to sell shares a month after the IPO. According to Swiggy’s prospectus, the company has rolled out three Esop plans so far—one each in 2015, 2021 and 2024. This aggregates to a pool of almost 230 million shares. Of these, 9 million options have been exercised into shares, while the remaining are yet to be exercised.

08:56 (IST), Nov, 13

What Swiggy can learn from Zomato’s epic stock meltdown

The market reception for the e-commerce giant's initial public offering is likely to be subdued compared to the enthusiastic welcome received by its competitor Zomato during its 2021 listing. Nevertheless, Swiggy can derive valuable insights from Zomato's journey, which saw a significant share price decline followed by a remarkable recovery. To achieve valuation parity with Zomato, Swiggy would benefit from establishing and adhering to specific profitability goals with defined timelines.

While investors appreciate compelling business narratives, Swiggy needs to recognise that in the current market environment, shareholders are increasingly prone to divest their holdings if financial performance falls short of projected targets. (Source: Bloomberg)

08:45 (IST), Nov, 13

Swiggy IPO Listing Live: GMP for Swiggy indicates low premium

Despite respectable demand during the subscription period, the grey market premium for Swiggy shares had been minimal. According to sources tracking the unlisted market, the GMP for the IPO price of Rs 390, indicated a 0.26% markup.

08:29 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy's last year financial position

During the fiscal year ending 31 March 2024, the organisation reported its net loss reducing significantly from Rs 4,179.31 crore to Rs 2,350.24 crore.

08:22 (IST), Nov, 13

Swiggy IPO Listing Live: IPO proceeds to be used for debt repayment and expanding subsidiary Scootsy

According to the IPO documentation, Swiggy earmarked Rs 137.41 crore to clear the outstanding debt of its subsidiary, Scootsy.

The company also outlined plans to invest Rs 982.40 crore towards expanding Scootsy's Dark Store presence in the quick commerce domain. This investment comprises Rs 559.10 crore for Dark Store establishment and Rs 423.30 crore for lease and licensing costs.

Furthermore, Swiggy designated Rs 586.20 crore for upgrading its technological and cloud infrastructure, whilst allocating Rs 929.50 crore towards brand marketing and promotional initiatives. The company has also set aside funds for potential acquisitions and other corporate requirements.

08:17 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy's Valuation at $11.3 billion

Based in Bengaluru, Swiggy was valued at approximately $11.3 billion (around Rs 95,000 crore) at the upper end of its price estimate for the IPO. Leading the offering were Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, BofA Securities India, Jefferies India, ICICI Securities, and Avendus Capital.

08:13 (IST), Nov, 13

Swiggy IPO Listing Live: Retail investors and employees support to Swiggy

Retail investors subscribed to 1.14 times the allotment, while employees' reserved portion was subscribed 1.65 times.

08:03 (IST), Nov, 13

Swiggy IPO Listing Live: High demand from QIBs and non-institutional investors

Qualified Institutional Buyers led the subscription to the IPO with a 6.02 times rate, followed by non-institutional investors at 10.41 times.

07:52 (IST), Nov, 13

Swiggy IPO Listing Live: IPO aims to raise Rs 11,327 crore

The IPO, priced between Rs 371-390 per share, was designed to raise Rs 11,327 crore with a lot size of 38 shares.

07:51 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy IPO subscribed 3.5 times ahead of stock market debut

Swiggy’s shares are set to begin trading on the stock exchanges following a well-received public issue, which was subscribed 3.5 times. The Rs 11,327-crore IPO (around $1.4 billion) is the second-largest listing on the exchanges this year, following Hyundai Motor India’s Rs 27,870-crore IPO.

07:48 (IST), Nov, 13

Swiggy IPO Listing Live: Biggest technology IPO after Paytm

Swiggy’s Rs 11,300-crore IPO marks the largest public offering by an Indian tech company since Paytm's 2019 IPO. The issue saw a strong response with a 3.6 times overall subscription, led by institutional investor demand. Retail investors subscribed to their portion 1.14 times, while employees bid 1.65 times for their reserved shares.

07:47 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy’s IPO to create wealth wave for employees

Swiggy's IPO debut is set to generate substantial wealth for its employees, marking one of the largest wealth-creation events in India's startup ecosystem. Around 500 Swiggy employees are expected to enter the 'Crorepati' Club, with the IPO unlocking Rs 9,000 crore in employee stock options (ESOPs). This substantial wealth generation establishes Swiggy as a major player in India’s startup landscape, following the path set by Flipkart. Read full story

07:46 (IST), Nov, 13

Swiggy IPO Listing Live: Swiggy IPO allotment finalised today

Swiggy is set to be listed on stock markets today. The shares are expected to list at a marginal premium of Re 1, as indicated by the latest grey market trends.

The food delivery service provider, debuted on stock exchanges with Rs 420 on NSE, marking a 7.69% increase above its initial public offering price of Rs 390. On BSE, the company's shares began trading at Rs 412, registering a 5.64% gain over the IPO price.

The IPO was oversubscribed by 3.59 times, with strong interest from Qualified Institutional Buyers (6.02 times) and non-institutional investors (10.41 times). Priced between Rs 371-390 per share, the IPO aims to raise Rs 11,327 crore, with proceeds going towards subsidiary Scootsy, technology infrastructure, and brand promotion. Despite revenue growth to Rs 11,247 crore in FY24, Swiggy continues to operate at a net loss of Rs 2,350 crore.
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