Strong debut for Swiggy on stock market

13 Nov 2024 , 03:52 PM

Following its stock market launch at Rs 412, Swiggy’s shares, a leading food delivery company, jumped 10% to Rs 464 on the BSE in Wednesday’s trading. In the meantime, the market capitalisation of the company surpassed Rs 1 lakh crore.

Swiggy’s modest stock market launch was distinguished by a little 8% premium over its issue price. Since the company is now losing money at the consolidated level and is thought to be at least two to three years away from breaking even at the PAT level, investors are avoiding placing risky wagers on the stock.

With its much awaited launch on Wednesday, Swiggy gave its workers a huge opportunity to build wealth by unlocking almost Rs 9,000 crore in ESOP value. According to a report by ET Tech, approximately 500 employees are anticipated to become crorepatis, out of the approximately 5,000 employees that stand to gain from this.

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