Swiggy on Wednesday confounded experts who were predicting a tepid debut and the grey market when its shares settled with a premium of almost 17 per cent against the issue price.

Shares of the food delivery and quick commerce firm listed at ₹412 on the BSE, reflecting a rise of 5.64 per cent from the issue price. Strong buying resulted in the shares surging 19.30 per cent to ₹465.30. It later ended at ₹455.95, a gain of 16.91 per cent.

The better-than-expected show led to its market cap crossing the ₹1 lakh crore mark when it ended at ₹1,02,062.01 crore.

Around 80.74 lakh shares changed hands in the exchange. Rival Zomato has a market cap of ₹2,28,463.62 crore.

On the NSE, the firm opened at ₹420, a jump of 7.69 per cent. It later finished at ₹456, higher by 16.92 per cent. More than 11.29 crore shares were transacted at the exchange.

Amid volatile market conditions and foreign portfolio investors pullout, the grey market premium at ₹1-2 was indicating a tepid listing for Swiggy.

Market circles said that while its performance did come as a surprise, it remains to be seen if the upward momentum is sustained.

Its ₹11,327-crore initial public offer was subscribed 3.59 times on the final day of the share sale last Friday.