On November 13, food delivery giant Swiggy made its public debut. It listed with a 8% premium over its IPO price of Rs 390 on NSE at Rs 420 and was oversubscribed by nearly four times.
While it's a bit early to comment, investors are not making strong bets on it yet. Hust to give you context, when Zomato went public, its IPO was oversubscribed by 38 times. This could be because the company is still posting losses on a consolidated level and is expected to be 2-3 years away from reaching profitability. It took Swiggy nine years till its food delivery business finally turned profitable last year.
Today, we revisit an episode of Daybreak in which we’d talked about what was happening behind the scenes of Swiggy’s IPO preparation.
Tune in.
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