Listing pop or flop? Swiggy shares to debut tomorrow. Check GMP and analysts predictions
IPO launch last week, the shares of food delivery company Swiggy will debut on the exchanges on Wednesday. Ahead of the listing, the company's shares are trading with a GMP of Rs 1 in the grey market, indicating a 0.26% premium over the issue price.
The IPO, which was subscribed just over 3 times, was priced at Rs 390 at the upper end. The subscription response for the IPO was sluggish despite being the second-largest e-commerce and food delivery player.
Similar to the Hyundai IPO, while the overall subscription figures look good, institutional investors supported Swiggy IPO sail through on the last day of bidding process.
«We believe the majority of the investors, especially non-institutional and retail, stayed back for a few reasons like Negative cash flow business model followed by concern on high competition and ongoing negative market mood,» said Prashanth Tapse of Mehta Equities.
«Considering low subscription demand and market sentiments, there is a very high possibility of flat to negative listing in the range of plus or minus 5-10% on its issue price,» Tapse added.
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