Swiggy IPO shares to debut today. Here's what GMP indicates about listing
Analysts said this subdued sentiment is likely influenced by the company's continued losses, despite steady revenue growth.
«The IPO's valuation, while appearing reasonable based on certain metrics, presents a challenge due to negative earnings. Additionally, the current volatile market conditions may further impact the listing performance,» said Shivani Nyati, Head of Wealth at Swastika Investmart.
The food delivery company proposes to use the IPO proceeds for investment in its material subsidiary Scootsy, investment in technology and cloud infrastructure and also for brand marketing and business promotion. This will be done over a four to five-year period.
Swiggy competes with Zomato in India's online restaurant and food delivery sector, and both have made major bets on a boom in «quick-commerce,» where groceries and other products are delivered in 10 minutes.
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