Swiggy’s market cap crosses Rs 1 lakh crore on debut; shares surge 12%

Shares of food and grocery delivery giant Swiggy surged 12.14% to Rs 462 on the BSE in Wednesday’s trade, after having debuted earlier at Rs 412. With this jump, the company’s market capitalisation has soared past the Rs 1.02 lakh crore mark.

Swiggy’s initial public offering (IPO), which opened on November 6, saw strong demand, with an overall subscription of 3.6 times the shares on offer, largely driven by institutional investors on the final day.

Retail investors subscribed to their portion 1.14 times, while the portion reserved for employees saw 1.65x bidding. However, the non-institutional category, comprising corporates and high net worth individuals (HNIs), showed lower enthusiasm, subscribing only 41% of their allocated portion.

Earlier, ET had reported that the founders and top management of Swiggy were granted Esops worth nearly Rs 2,600 crore in its latest stock ownership plan.

These include 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.