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.

Swiggy has raised around $606 million from a set of more than 75 anchor investors as part of its $1.35 billion initial public offering, as the Indian food delivery and quick commerce startup prepares for the country’s second-largest listing of the year next week.

Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:Most Read from BloombergFrom Housing to Immigration, Key Ballot Initiatives and Local Races to FollowParis Restricts Through Traffic in City CenterIstanbul Tries Free Public Transit to Help Job SeekersIn Warsaw,

Swiggy sold shares worth $605 million to institutional investors including Fidelity and Norges on Tuesday as the food delivery firm launches a $1.35 billion IPO that will be India's second-largest stock offering this year.

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.

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.

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.