NEW DELHI: Swiggy, India’s food and grocery delivery giant, made its much-anticipated
stock market debut
on Wednesday. The occasion sparked a heartwarming exchange on social media between the market rivals, led by Deepinder Goyal, the CEO of Zomato, Swiggy’s primary competitor.
In a congratulatory post, Goyal praised Swiggy’s milestone with a heartfelt message, saying, “Congratulations Swiggy! Couldn’t have asked for a better company to serve India with.”
Goyal also retweeted a Zomato post featuring a photo of both Swiggy and Zomato delivery person standing together outside the Bombay Stock Exchange (BSE) building. The tweet read, “You and I… In this beautiful world. @Swiggy,” capturing a moment of camaraderie in an industry often defined by intense competition.
Social media users quickly embraced the friendly exchange between the two brands, with one netizen humorously suggesting a possible joint venture, commenting, “If Swiggy and Zomato merge, will it be called Ziggy?”
Another lauded the companies’ ability to show camaraderie, saying, “You guys never miss a chance to show your marketing genius! Bhaichara wins! Well done, Zomato!”
Swiggy IPO makes strong start
Swiggy’s market debut lived up to expectations, with shares listing on the National Stock Exchange (NSE) at Rs 420, representing a 7.69% premium over the initial offering price of Rs 390. The stock also saw a positive opening on the BSE, listing at Rs 412, up 5.64% from the issue price.
In the early hours of trading, Swiggy’s market capitalization surged to Rs 89,549.08 crore. The company’s public offering of Rs 11,327 crore was fully subscribed by Friday’s close, achieving an overall subscription rate of 3.59 times the initial offering. The IPO saw healthy demand across segments, with retail investors subscribing 1.14 times to their allocated portion, while the employee portion witnessed 1.65 times bidding.
