Bought Swiggy shares over Rs 500 prior to IPO? Here's what you can do
Swiggy gears up for its highly anticipated IPO, the food delivery giant has set its price band with an upper limit of Rs 390 per share. This might come as a little surprise for investors who acquired the company's unlisted shares when they were trading at around Rs 530 a month ago.
There’s still a possibility that Swiggy shares could list at a premium, far higher than the IPO price if the issue garners strong demand and market sentiments are positive.
Swiggy shares were trading at higher price a month, driven by expectations of a higher valuation of $15 billion. However, with the current IPO pricing, the company’s valuation has been lowered to $11.3 billion, reflecting a more cautious outlook.
A conservative outlook from India's second largest food delivery company can be attributed to the recent market corrections. Analysts said the Indian stock market faces challenges like potential global instability, middle east conflict, and weak quarterly corporate earnings.
Further, a tepid debut from Hyundai India also weighed on the sentiments for big issues.
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