Swiggy, the popular food and grocery delivery platform, has seen a significant drop in its grey market premium (GMP) as it prepares to launch its initial public offering (IPO) next week. The company aims to raise Rs 11,300 crore through this IPO, which will open for public subscription on November 6 and close on November 8.
According to market platforms that track grey market activities, Swiggy’s shares are currently trading at a GMP of just Rs 14, indicating a premium of over 3 percent over the expected issue price. This marks a notable decline from October 28-29, when the shares were trading at a premium of around Rs 130, reflecting a drop from nearly 32 percent to slightly over 3 percent.
On October 29, Swiggy announced the price band for the IPO, set at Rs 371-390 per share. The offering consists of a fresh issue of shares worth Rs 4,500 crore, with an additional offer for sale (OFS) component valued at Rs 6,800 crore.
The decline in Swiggy’s GMP has garnered attention among investors, reflecting cautious sentiment as the IPO approaches. The listing outcome will be closely watched, especially given the volatility in its grey market premium.
