Shares of Swiggy ended debut day up 10.67% at ₹455.95 ($5.4) on Wednesday as the food-delivery and quick-commerce startup concluded India’s se

India’s Swiggy defies weak market in largest 2024 tech IPO globally

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2024-11-13 21:00:07

Shares of Swiggy ended debut day up 10.67% at ₹455.95 ($5.4) on Wednesday as the food-delivery and quick-commerce startup concluded India’s second-largest IPO this year. The closely watched listing makes the company a direct comparable for what analysts have long considered the benchmark Indian internet stock: Zomato.

The listing of the 10-year-old Bengaluru-headquartered firm marks a milestone for India’s startup ecosystem, where several firms are eyeing similarly large public offerings in the next 24 months. It’s also a major liquidity event for Swiggy’s backers, which include Prosus (its paper returns have already reached $2 billion), SoftBank and Accel. Some 5,000 employees stand to collectively reap about $1 billion.

In the run-up to the $1.4 billion IPO, Swiggy set its valuation at $11.3 billion, a notably conservative figure given that Zomato recent hit a market-cap high of $29 billion.