Swiggy Share Price Tanks Over 5% As IPO Lock-In Period Ends; Key Points For Investors – News18
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With the end of the lock-in period, 6.5 crore shares, or 3% of Swiggy’s outstanding equity, have become eligible for trading
Swiggy Share Price
Swiggy’s share price fell by more than 5% in early trading on Wednesday following the expiration of the lock-in period for anchor investors. The stock dropped as much as 5.07% to Rs 515.95 per share on the BSE, wiping out gains from the previous session.
With the end of the lock-in period, 6.5 crore shares, or 3% of Swiggy’s outstanding equity, have become eligible for trading. It’s important to note that while these shares can now be traded, it does not necessarily mean all will be sold.
Swiggy made its debut on the stock market on November 13, listing at a 5.6% premium to its issue price and finishing the day with a 17% gain. Since then, the stock has risen nearly 40% from its IPO price.
On Tuesday, brokerage firm CLSA initiated coverage on Swiggy with an “outperform” rating and a price target of Rs 708, suggesting a potential upside of 31%. This is the highest price target for the company on the street.
Swiggy’s Rs 11,327 crore IPO was oversubscribed 3.59 times during its three-day offering, making it the second-largest IPO of 2024 after Hyundai’s Rs 27,000 crore issue.
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