Swiggy Shares Surge 8% on Market Debut

New Delhi, Nov 13 (PTI) Shares of food delivery and quick-commerce major Swiggy listed with a premium of nearly 8 per cent against the issue price of Rs 390 on Wednesday.

The stock listed at Rs 412, reflecting a jump of 5.64 per cent from the issue price on the BSE. Later, it surged 7.67 per cent to Rs 419.95.

At the NSE, shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent.

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

The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.

The initial share sale had a price range of Rs 371-390 a share.

The company's IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.

Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.