Swiggy's shares up 2.5% in trading debut after $1.4 billion IPO

Quick Summary:

:Shares of Indian food and grocery delivery firm Swiggy rose 2.5 per cent in their trading debut on Wednesday, after its $1.4 billion IPO last week, but pared initial gains on concerns about its path to profitability.

The stock listed at 420 rupees ($4.

"Despite a strong potential growth runway and an improving margin profile, we believe Swiggy still has a long and winding road to profitability," said Macquarie Capital analysts who initiated coverage on the company with an "underperform" rating.

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Category: EconomyBusiness

Markets: SingaporeIndia

Topics: Debut National Shares Swiggy Managing India Listing Stock 2024 Exchange Initial

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-13 @ 12:17:13 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 509 words

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Sentences: 25 lines

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News ID: 23566212

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