Zero Listing Gains? Swiggy GMP Nosedives To Rs 2 On Final Bidding Day

Swiggy launched its initial public offering on Wednesday, allowing investors to subscribe until Nov. 8. As of 7:28 a.m. on the final day of bidding, the company's shares were trading with a grey market premium of Rs 2, representing 0.51% premium over the upper end of the price band set at Rs 390. This marks a steep decline from a GMP of Rs 25 on Oct. 29, when the shares began trading in the unlisted market. The IPO was subscribed 35% on its second day, and 12% on its first day of subscription. 

It is to be noted that GMP is not an official price quote for the stock and is based on speculation. Swiggy's initial public offering, one of the largest offers this year, aims to raise Rs 11,327.4 crore. The price band for the IPO is set between Rs 371 and Rs 390 per share, with a minimum application size of 38 shares. The food-delivery business raised Rs 5,085 crore by allocating 13.03 crore shares to high-profile anchor investors.