Zomato shares fall over 2% as Swiggy gets Rs 11,450 crore IPO approval from SEBI

Zomato shares took center stage in Wednesday’s (September 25) session as the company’s rival Swiggy got SEBI’s nod for a Rs 10,450 crore IPO.

As per the confidential reports the company filed the offer document on April 30 in secret. However, reports suggest that the company is looking to raise around Rs 11,000 crore in an IPO, along with a fresh issue of Rs 5000 crore.

At last count, Zomato shares after marginal gains were down more than 2 percent at Rs 284.4 per share.

Zomato competes with Swiggy as recorded by Anil Singhvi

The expert holds that Swiggy’s value is Rs 55,000 crore with a loss of Rs 2,350 crore, while Zomato commands a value of Rs 2.5 lakh crore, almost 5 times and the profit is equal to Rs 350 crore.

Moreover, both the players are sitting around the same revenue, Zomato’s revenue is Rs 12,114 crore, while Swiggy’s revenue is Rs 11,247 crore. Notably, while Zomato’s market share is 55 percent, Swiggy has a 45 percent share.

The HNI investor class is very optimistic about Swiggy stock as the likes of Amitabh Bachchan, Madhuri Dixit, Karan Johar, Rahul Dravid, Jaheer Khan have invested in the stock.

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