Indian food and grocery delivery firm Swiggy is expected to see just modest demand from retail investors for its $1.4 billion IPO even after cutting its hoped-for valuation twice, with momentum for domestic stocks having cooled considerably.

Swiggy plans to use the proceeds of IPO to expand its dark store network, make further investments in Scootsy, fund acquisitions and brand marketing.

Food and grocery delivery firm Swiggy's $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.

Food delivery and quick-commerce major Swiggy's initial public offering (IPO) received 35% subscription on day two of the share sale.

Swiggy IPO continued to see a tepid response from investors on the second day of bidding on Thursday. The Rs 11,327 crore IPO was subscribed 0.35 times or 35 per cent on the second day.

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As per BSE data available on Wednesday, the employee portion has received 74 per cent subscription as of 5 pm, while the category reserved for retailers has seen 54 per cent subscription.

Bengaluru-based Swiggy opened for public subscription within a price band of Rs 371 to Rs 390 and people will be able to place their bids till November 8.

Food delivery giant, Swiggy, has launched its much-anticipated initial public offering (IPO), valued at ₹11,327.43 crores. The IPO opened for subscription on November 6 and is set to close on November 8.