Swiggy's Shares Rise for Second Consecutive Day
Shares of Swiggy, the popular food delivery and quick commerce company, rose by over 2% on December 10, marking the second consecutive day of gains. The surge in stock price comes as the company's qualified institutional placement (QIP) saw strong interest from investors.
Strong Investor Interest in QIP
Swiggy's QIP, which aims to raise Rs 10,000 crore, has drawn over 4 times demand from top mutual funds in India, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Kotak Mutual Fund. This indicates a high level of confidence in the company's growth prospects.
Expansion Plans
The funds raised through the QIP will be used to expand Swiggy's quick-commerce infrastructure, including dark stores and warehouses that power its Instamart service. The company plans to increase its fulfilment footprint from 5 million square feet to around 6.7 million square feet by December 2028.
Stock Performance
Swiggy's shares have gained nearly 5% in the past month and around 12% in the past six months. However, the stock is still down over 25% in 2025 so far. The company's stock had listed at Rs 420 per share on the NSE in November last year and had surged to a 52-week high of Rs 617.30 per share in December 2024.
- Swiggy's QIP is a significant funding round that will help the company expand its operations and enhance its services.
- The strong demand from investors is a testament to the company's growth potential and market trends in the food delivery and quick commerce sectors.
- Swiggy's plans to scale its quick-commerce infrastructure will help the company to better compete in the market and improve its sustainability.
Follow all the latest updates from the stock markets to stay informed about the latest developments and market trends.