Shares of Swiggy surged 7% to ₹440 on Wednesday as the food-delivery and quick-commerce startup concluded India's second-largest IPO this year. Swiggy's $1.4 billion IPO, the second largest in India this year,

Shares of Indian startup Swiggy surged at its Mumbai debut, driven by strong institutional interest in the food and grocery delivery company.Its shares rose as much as 15% from its offer price to 448.

While big ticket offerings have seen relatively muted responses, India’s IPO market has been buoyant, with about 290 companies raising nearly $14 billion so far this year, roughly twice the amount raised in all of last year, LSEG data showed.

Swiggy's upcoming IPO on Wednesday will finally give many analysts a public comparable for what has been long considered to be the Indian internet stock: Swiggy's listing will test whether the Indian market is ready for $1 billion-plus IPOs.

Swiggy Ltd.’s shares are set to start trading in Mumbai on Wednesday, marking a test for investor interest in India’s burgeoning quick-commerce sector.

(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.

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.

Zomato CEO Deepinder Goyal publicly congratulated Swiggy on its successful IPO debut. Goyal's message on X celebrated this achievement as a win for the entire food delivery industry in India. Swiggy responded with humorous posts expressing their joy,

Majety has largely avoided the limelight, a sharp contrast to his counterpart Deepinder Goyal, Zomato’s CEO, who is known for his active social media presence and public appearances.

The issue, which opened on November 6, was subscribed 3.6 times the shares on offer driven by institutional investors on the third and final day.