Swiggy's stock surges on debut, lists 7.7% above issue price at Rs 420 on NSE

Food and grocery delivery company Swiggy made its stock market debut on Wednesday at nearly an 8 per cent increase on its initial offering price of 390 rupees.

The company's shares debuted on the NSE at Rs 420, registering a 7.69 per cent increase from the issue price. Meanwhile, on BSE, the stock was listied at Rs 412, showing a 5.64 per cent increase.

Additionally, during early trading hours, Swiggy's market capitalisation reached Rs 89,549.08 crore.

The company's Rs 11,327-crore public offering achieved full subscription by Friday's closing, with the final subscription rate reaching 3.59 times the initial offering.

The share sale was conducted within a price band of Rs 371-390 per share. The IPO comprised a fresh issue worth Rs 4,499 crore and an Offer-For-Sale component of Rs 6,828 crore.

According to the draft documents, the fresh issue proceeds are earmarked for enhancing technology and cloud infrastructure, strengthening brand presence, promotional activities, debt settlement, potential acquisitions and general corporate requirements.