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

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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.

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

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.

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.

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.