Swiggy Stock Jumps 13% Post Listing as Macquarie Issues Bearish Rating.

On November 13, Swiggy shares went public at a premium of over 8% above the Rs 390 offering price.

Even though Swiggy's stock was up more than 13 percent on the exchanges on the day of its offering, Macquarie began coverage of the food delivery and quick-commerce company with a pessimistic view.

With a target price of Rs 325 per share, the international brokerage company gave Swiggy an "underperform" rating. Although the company has a lot of room to develop, Macquarie analysts warned that it may have a difficult and uneven path to profitability.

Swiggy's potential to close the gap with rival Zomato was highlighted in the research. Macquarie, however, raised worries about the rapid commerce sector, characterizing it as a complicated field with unclear opportunities for long-term financial success.

On November 13, Swiggy's shares went public at a premium of over 8% above the Rs 390 offering price. The BSE listed the stock at Rs 412 a share, which represents a 5.64 percent increase from the issue price. Afterward, it jumped 7.67% to Rs 419.95.