Swiggy shares soared even before the IPO, where is the deal taking place?
Today, Swiggy’s name is on the lips of every stock investor. In fact, the initial public offering of online food delivery platform Swiggy is about to arrive. For this, the company has recently submitted its documents to SEBI. This Bengaluru-based food and grocery delivery platform has received IPO approval from SEBI, and this has significantly increased the demand for its shares. Even before the IPO, the company’s shares had risen 40 percent in the past two months. Now you must be thinking that Swiggy hasn’t even done its IPO yet, so how did its shares go up? So let us tell you where your trading takes place…
Where does the trade take place?
Swiggy shares are traded on the over-the-counter market and people also buy and sell on it. After shareholders approved the IPO in April, huge demand for Swiggy shares was seen in the unlisted market. There has been a huge rise in stock prices. According to the Economic Times report, the company’s shares rose about 40% from July to September. Previously, its shares were around Rs 355, but have risen to around Rs 490. Due to which, Swiggy’s market value has increased from Rs 70,000 crore to Rs 1.16 lakh crore in just two months.
Even though stocks like National Stock Exchange (NSE) and Chennai Super Kings (CSK) are in the unlisted market, Swiggy stock has proven its strong position. Investors want to buy it even before it goes public.
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What does the company want to do with the IPO?
Swiggy plans to raise around Rs 11,000 crore through the IPO, which includes a fresh share sale of Rs 3,750 crore and an offer for sale (OFS) of Rs 6,664 crore. The growing demand for Swiggy stock can be attributed to the company’s excellent performance. The company’s operating income increased 36% to Rs 11,247 crore in fiscal 2024 and net loss decreased 44% to Rs 2,350 crore.
