India's food tech giant Swiggy listed its largest IPO on Wednesday, November 13, in BSE and NSE. The rival food delivery partner Zomato showed some 'love' by posting a picture on X (formerly known as Twitter) today as the share market opened flat. Sensex opened with over 170 points, and Nifty was at 23,800 ahead of Swiggy's IPO listing.
Indian equity markets continued to show lower in early trade on Wednesday as the benchmark indices opened in the red. The BSE Sensex slipped over 170 points to 78,495.53, and the Nifty50 saw a decline of 61 points or 0.26% to 23,822.45.
Meanwhile, Zomato celebrated its rival Swiggy IPO listening with a tweet saying, "You and I... In this beautiful world" with a heart emoji and a photo featuring Zomao and a Swiggy delivery person wearing their brand t-shirt while staring at the Mumbai Stock Exchange tower with a hoarding motioned: "Now Listed Swiggy."
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The pre-operation price of Swiggy shares on the National Stock Exchange (NSE) opened at Rs 420, indicating a potential gain of 7.69% compared to the initial public offering (IPO) price. Tencent Holdings LTD's top backer, Prosus NV, earned $2 billion on Swiggy investment with IPO valuation.
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Swiggy's IPO was oversubscribed 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.