'You and I in this beautiful world': Zomato cheers for rival Swiggy on latter's stock market debut

Swiggy’s listing came after a highly anticipated period of speculation.

In a display of sportsmanship, Zomato has publicly congratulated its rival, Swiggy, following the latter's debut on the stock market. On November 13, 2024, Swiggy's initial public offering (IPO) was listed at Rs 420 on the National Stock Exchange (NSE), marking a 7.69% premium over the issue price of Rs 390. Similarly, the stock opened at Rs 412 on the Bombay Stock Exchange (BSE), reflecting a 5.64% premium.

Zomato shared its congratulatory message on X, tweeting, "You and I in this beautiful world," accompanied by a heart emoji. The post included an image of delivery personnel from both companies standing together, facing the Bombay Stock Exchange building, where a “Now Listed Swiggy” banner was displayed. Swiggy responded with a playful reply: “it’s giving jai and veeru" referencing the iconic camaraderie between two characters in Bollywood's "Sholay".

@Swiggy pic.twitter.com/sAFzd8z07E
zomato (@zomato) November 13, 2024

Swiggy’s debut exceeded market expectations, despite mixed investor sentiment. The IPO was oversubscribed 3.59 times, with heavy backing from Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs). Swiggy, which is backed by major investors like Prosus NV and Tencent Holdings, raised a total of Rs 11,327 crore from the IPO, which includes a fresh issue of Rs 4,499 crore and an offer-for-sale (OFS) component of Rs 6,828 crore.

Retail investors participated with a minimum investment of Rs 14,820, while employees were offered shares at a discounted rate of Rs 25 per share. Despite fluctuations in the broader market, Swiggy’s stock saw a strong debut.

Interestingly, the announcement of Swiggy’s IPO coincided with a bit of drama. Deepinder Goyal, the founder and CEO of Zomato, was notably excluded from returning as a ‘shark’ for the fourth season of "Shark Tank India", reportedly due to Swiggy sponsoring the season and requesting his removal.

Meanwhile, Swiggy’s listing came after a highly anticipated period of speculation. Prosus NV, a key investor, reportedly earned around $2 billion from its investment in Swiggy.