Swiggy IPO: GMP at 5% in unlisted market 3 days ahead of issue opening
Swiggy stood at 5% or Rs 19 in the unlisted market three days ahead of its initial public offering (IPO), which will hit the Street on November 6 and will be available till November 8.
However, a month ago, Swiggy shares were trading at Rs 515 in the unlisted market.
The company has fixed a price band of Rs 371-390 per share for the IPO, which means that the investors are willing to pay about Rs 409 for one share of the company.
Swiggy is serving the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The valuations were reduced due to prevailing market volatility and the lacklustre debut of Hyundai India.
Swiggy’s last private round valuation was $10.7 billion when it raised $700 million in a round led by US asset manager Invesco in January 2022.
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