Swiggy, India’s food and grocery delivery giant, shared a playful “bromance” moment on social media after making its highly anticipated debut on the Dalal Street. Zomato posted, “You and I… In this beautiful world,” to which Swiggy cheekily responded, “It’s giving Jai and Veeru.”
Despite the warm exchange, Swiggy’s market debut was relatively muted, mirroring the trend of other major IPOs this year. The stock opened at a modest 8% premium to its issue price of Rs 390, listing at Rs 420 on the National Stock Exchange. While shares initially rose 2.5%, they later pared gains amid broader market declines, influenced by inflation concerns and reduced expectations of interest rate cuts.
In comparison to Zomato’s stellar listing in 2021—where its shares have since tripled—Swiggy’s debut was more subdued. However, both companies continue to dominate India’s competitive food delivery sector.