Swiggy, India’s food delivery and quick-commerce giant, made waves with its November 2024 IPO, raising ₹11,327.43 crore. The IPO offered 11.54 crore fresh shares (₹4,499 crore) and 17.51 crore shares for sale (₹6,828.43 crore) at ₹371–₹390 per share. It was subscribed 3.59 times, with institutional investors jumping in (6.02x) but retail investors showing less enthusiasm (1.14x). When Swiggy hit BSE and NSE on November 13, 2024, shares opened at ₹420—a 7.7% premium—and closed 10.5% higher at ₹464.

Fast forward to May 2025, and Swiggy’s stock has hit a rough patch. After peaking at ₹617, it fell 40% to a low of ₹379.20 in February, trading below its IPO price. Q3 FY25 results show why: a 39% wider net loss of ₹799 crore despite 31% revenue growth to ₹3,993 crore. Swiggy’s Instamart lags behind Zomato’s Blinkit ($3.7 billion GOV) with a $1.8 billion GOV, facing stiff competition from Zepto too.

Why the IPO Matters

Swiggy’s IPO brought big wins for stakeholders:

• Employee Gains: Over 5,000 employees shared ₹9,000 crore in wealth, with 500+ becoming crorepatis, fueling startup innovation.
• Investor Appeal: At a 7.3x EV/Sales multiple (versus Zomato’s 18x), Swiggy offers value for its 112.73 million users and strong brand.
• Growth Boost: Funds are expanding Instamart’s 705 dark stores, clearing Scootsy’s debt, and upgrading tech.

What’s Ahead for Swiggy?

Swiggy’s food delivery shines, with 19.2% YoY GOV growth and a 7.4% margin in Q3 FY25. But Instamart’s negative 4.6% margin, tied to scaling 741 dark stores, and fierce competition raise concerns. Analysts are split: CLSA predicts a ₹750 target (98% upside), while Macquarie sees a ₹225 target (40% downside). Swiggy’s future hinges on cutting losses and strengthening quick commerce. For bold investors, it’s a long-term bet with short-term bumps.