Swiggy IPO listing: What does latest GMP indicate ahead of market debut?

Swiggy shares are set to make their market debut on Wednesday, November 13, after the allotment for the public issue was completed on Monday. The initial public offering (IPO) of Swiggy saw decent interest from investors.
Swiggy IPO was subscribed 3.59 times overall by November 8. The retail category saw a subscription rate of 1.14 times, indicating moderate demand from individual investors. However, the qualified institutional buyer (QIB) segment drew stronger interest, with subscriptions reaching 6.02 times. The non-institutional investor (NII) category witnessed a lower subscription level of 0.41 times.
Bengaluru-based Swiggy opened for subscription with a price band of Rs 371 to Rs 390, aiming to raise Rs 11,327 crore through the Initial Public Offering (IPO), comprising a fresh issue of shares worth Rs 4,499 crore and an Offer for Sale (OFS) component amounting to Rs 6,828 crore.
Investors who bid for Swiggy IPO can check their allotment status online. They can log in to either the Bombay Stock Exchange (BSE) website or the website of Link Intime India Private Ltd, the registrar for the issue.
Swiggy IPO was a much awaited public listing and was expected to do well. However, the latest grey market premium (GMP) does not suggest a strong debut for Swiggy shares on Dalal Street.
The IPO had a GMP of Rs 22 a few days before opening for bidding but has seen a decline since then.
Swiggy IPO’s latest GMP stands at Rs 1, as of 08:24 AM on November 12, 2024. With a price band set at Rs 390, the estimated listing price is around Rs 391 (cap price plus today’s GMP), reflecting an expected gain of a mere 0.26% per share.
Founded in 2014, Swiggy partners with over 200,000 restaurants across India, facilitating food delivery in a rapidly growing market. Competing against firms like Zomato, Amazon’s India unit, and Tata Group’s BigBasket, Swiggy operates as a B2C marketplace that aggregates restaurant and merchant partners, enabling consumers to discover and purchase their offerings.
For the June 2024 quarter, Swiggy reported a net loss of Rs 611.1 crore on revenue of Rs 3,310.11 crore, with total losses reaching Rs 2,350.24 crore for the fiscal year ending March 31, 2024. Despite these challenges, Swiggy continues to expand its services and improve operational efficiencies, positioning itself for future growth.