(Reuters) -Shares of Indian food and grocery delivery firm Swiggy rose 2.5% in their trading debut on Wednesday, after its $1.4 billion IPO last week, but pared initial gains on concerns about its path to profitability.

Swiggy Share Price, IPO Listing, Swiggy IPO Subscription Status Highlights: The company raised Rs 945.40 crore from anchor investors by selling 315.13 million shares.

Swiggy Ltd.’s shares rallied in Mumbai on Wednesday in one of the best debuts for a large initial public offering this year, driven by strong investor interest in India’s burgeoning quick-commerce space.

Swiggy is scheduled to launch its shares on the stock market on November 13, 2024, having achieved a subscription rate of 3.59 times, indicating a reasonable level of interest from investors. The firm is active in India's swiftly expanding online food delivery and quick commerce industries, which have experienced substantial growth.

Shares of Indian startup Swiggy surged at its Mumbai debut, driven by strong institutional interest in the food and grocery delivery company.

Swiggy’s IPO saw strong demand, with retail subscription at 1.14 times and institutional at six times. The stock rose 17% after listing at an 8% premium Swiggy’s Rs 11,327 cr IPO includes Rs 6,828 cr equity sale and Rs 4,499 cr fresh issue. Funds go to dark stores (26%), promotion, tech, and expenses

(Reuters) -Shares of Indian food and grocery delivery firm Swiggy jumped nearly 15% in their trading debut on Wednesday, bucking weakness in the broader market and a better performance than some analysts had predicted for the loss-making firm after its $1.

The company's IPO, the country's second-largest this year, was reportedly oversubscribed more than three times.

The IPO comprised of both a offer for sale of shares worth 68.28 billion rupees and a fresh issue of shares of 44.99 billion rupees.

Swiggy shares listed at a premium of 7.69 per cent 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, according to a report by Moneycontrol.