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The one-month lock-in period for anchor investors, who participated in Swiggy's initial public offering (IPO) on November 13, concluded today. As a result, approximately 6.5 crore shares, or about 3% stake in the company, became eligible for trading.
While these shares are now tradable, it does not necessarily mean that all anchor investors will immediately sell their holdings. The remaining 50% of their shares will be subject to a lock-in period until 9 February 2025.
Swiggy made its stock market debut on 13 November 2024 and listed at Rs 412, a premium of 5.64% to the issue price of Rs 390. Its IPO was subscribed 3.59 times.
Meanwhile a foreign brokerage firm initiated its coverage on the Swiggy stock with an 'outperform' rating and price target of Rs 708 each.
Swiggy is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app - to browse, select, order and pay for food "Food Delivery", grocery and household items "Instamart", and have their orders delivered to their doorstep through its on-demand delivery partner network.
Its platform can be used to make restaurant reservations "Dineout" and for events bookings "SteppinOut", avail product pick-up/ drop-off services "Genie" and engage in other hyperlocal commerce (Swiggy Minis, among others) activities. Being among the first hyper local commerce platforms, Swiggy has successfully pioneered the industry in India, launching Food Delivery in 2014 and Quick Commerce in 2020.
The food delivery aggregator reported net loss of Rs 625.53 crore in Q2 FY25 compared with net loss of Rs 657 crore in corresponding quarter last year. Revenue from operations jumped 30.33% YoY to Rs 3601.45 crore during the quarter.
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