Indian Food Delivery Giant Swiggy's Shares Hit New Heights After IPO

Swiggy, the popular Indian food delivery service backed by SoftBank, started its market journey with a bang. Its shares zoomed over 9% on their Wednesday debut. This impressive leap followed a hugely successful IPO, ranking as India's second-largest for the year. Swiggy raised a whopping 113. 27 billion Indian rupees ($1. 34 billion) by selling shares at 390 rupees each. The IPO closed on Monday, and it was oversubscribed by over three times, showing high investor interest. The company isn't new to making headlines. It set a Guinness World Record by delivering a staggering 11, 000 Vada Pavs (a popular Indian snack) across Mumbai. This feat not only showcased Swiggy's efficiency but also created a fun buzz around the brand.The listing followed closely after Hyundai Motor India's massive $3. 3 billion IPO in October, which was India's largest to date. Swiggy's IPO included both the sale of existing shares worth 68. 28 billion rupees and a fresh issue of shares worth 44. 99 billion rupees. Investment banks like Kotak Mahindra Capital, J. P. Morgan India, and Citigroup Global Markets India played crucial roles as lead bookrunners for this IPO. The company plans to use the net proceeds of 43. 59 billion rupees to pay off borrowings in its subsidiary Scootsy and further invest in the subsidiary. Additionally, the funds could support potential company acquisitions and other corporate purposes. Swiggy's success isn't just about the numbers; it's also about the company's ability to innovate and engage with the community. The Vada Pav record is a prime example of this. As Swiggy continues to grow, it will be interesting to see how it leverages its resources and market position.