Two new listings today morning; first, the most eagerly awaited – Swiggy and then Acme Solar.

Swiggy got listed at Rs.412 v/s IPO price of Rs.390 and Acme got listed below the IPO of Rs.289 at Rs.259.

Swiggy IPO had received a muted response with overall subscription at 3.59x, with HNIs at 0.41x, Retail at 1.14x and QIBs at 6.02x.

Swiggy Limited, a 11 year old company without any identifiable promoter, is a new-age consumer business, mainly operating in the food delivery, quick commerce, supply chain and distribution business. It can be stacked against sole listed rival Zomato.  

Conclusion in our IPO Analysis - Swiggy IPO looks piggy-backing peer Zomato, coupled with quick commerce growth prospects. But as public market investors, we lack risk-appetite for red excel sheets or decade-long investment horizon. Hence, we do not recommend the IPO of Swiggy Limited.

Acme’s IPO was overall subscribed 2.75x, with HNIs portion at 0.97x, Retail at 3.1x and QIB at 3.54x.

Acme Solar Holdings is a 11 year old independent power producer, from renewable sources, having 1.34 GW operational solar capacity. Our conclusion in the IPO Analysis - Poor profitability and fully valued for Acme’s size of operations makes it unexciting. Hence, we do not recommend the IPO.