Swiggy's $1.4 bln Indian IPO 12% subscribed on its first day

Food and grocery delivery firm Swiggy's, opens new tab $1.4 billion IPO was 12% subscribed after its first day of bidding, with retail investors placing orders for more than half the shares reserved for them in India's second-largest IPO of 2024. India has been an outlier in Asia with a string of high-profile offerings this year and Swiggy's IPO comes after a slide in Indian equities in October due to persistent selling by foreign investors and a lacklustre earnings season.

Swiggy has cut its total valuation twice, by a combined 25% to $11.3 billion, after Hyundai Motor India's, opens new tab record $3.3 billion initial public offering last month, which has not fared well since listing, with its share price down by over 5%.
Swiggy's IPO opened for bids on Wednesday as Indian shares posted their biggest single-day jump in more than six weeks after Donald Trump's U.S. presidential election win, with orders due to be taken until Nov. 8 in a 371-390 rupee price range.