Swiggy shares listed at a premium of 7.69 percent on the National Stock Exchange (NSE) on November 13. The stock debuted at Rs 420 per share on the NSE over the IPO price of Rs 390.

On the BSE, Swiggy shares were listed at Rs 412 per share, a premium of 5.6 percent over the IPO price. Later, it surged 7.67 per cent to Rs 419.95. The company's market valuation briefly touched the Rs 1 lakh crore mark. In the early trade, it stood at Rs 89,549.08 crore during the early trade.

The counter touched an intraday high of Rs 449 per share on the NSE, rising 15.12 percent.

Swiggy shares made a strong debut on the stock exchanges, defying subdued expectations in the grey market. Initially commanding a flat grey market premium (GMP), the stock opened at a healthy premium, surprising market watchers.

However, shortly after the listing, Swiggy shares took a downturn, declining by nearly 5 per cent to trade at Rs 400.45 on the NSE, marking a 4.65 per cent drop at around 10.20 am. The early volatility in Swiggy's trading performance reflects mixed sentiments from investors amid market volatility.

The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription. The initial share sale had a price range of Rs 371-390 a share.

Meanwhile, analysts at the global brokerage firm Macquarie initiated coverage on Swiggy shares with an 'underperform' rating, recommending a price target of Rs 325 per share.

The foreign brokerage believes that Swiggy has a significant growth runway ahead, though its journey to profitability may be challenging and uneven.

Akriti Mehrotra, Research Analyst at StoxBox has recommend holding Swiggy shares for a medium- to long-term investment outlook.

"We believe that Swiggy is well positioned to tap huge opportunity in quick commerce and as it is fairly priced the issue may be considered for long term post listing," added Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers.

Swiggy operates in India's rapidly growing online food delivery and quick commerce sectors, which have seen significant expansion. The online food delivery market grew from Rs 112 billion in 2018 to Rs 640 billion in 2023 and is projected to reach Rs 1,400-1,700 billion by 2028, driven by rising incomes, urbanization and shifting lifestyle preferences.

Swiggy, a pioneer in online food delivery and quick commerce, is well-positioned to benefit from these trends, particularly in smaller cities, where demand for convenience is rising.

The company is also focussing on accelerating its Instamart service and narrowing the market share gap with competitors like Zomato and Blinkit.