Swiggy IPO Allotment Finalised: Latest GMP At 0.26% Suggests Weak Listing on Wednesday

The Swiggy IPO allotment has been finalised, and investors can check their allotment status online on the websites of BSE and NSE as well as on registrar Link Intime India’s portal. As the rival of Zomato is now all set for market debut on Wednesday, the IPO listing is expected to be subdued as its GMP remains at only 0.26 per cent. According to market observers, the unlisted shares of Swiggy have trading at Rs 391 in the grey market for the past four days, which is only Re 1 higher than the IPO issue price of Rs 390. Even before that, the GMP was as low as five-six per cent.

The initial public offering, which was opened for public subscription between November 6 and November 8, received a 3.59 times subscription garnering bids for 57.53 crore shares as against the 16.01 crore shares on offer. The price band of the Swiggy IPO was fixed at Rs 371 and Rs 390 apiece.

Swiggy IPO GMP Today: According to market observers, unlisted shares of Swiggy Ltd continue to trade at just Rs 1 higher in the grey market than its issue price. The Rs 1 grey market premium or 0.26 per cent GMP means the grey market is expecting a muted listing or discount listing.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price. “On October 29, the GMP stood at Rs 25 (6.4 per cent), but it has since dropped significantly to 0.26 per cent. This decline can be attributed to the recent correction in benchmark indices and the prevailing negative market sentiment. However, Swiggy’s CFO has noted that the October volatility was factored into their pricing strategy," said Gaurav Garg, research analyst at Lemonn Markets Desk.