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.

As the initial public offering (IPO) of Swiggy opens for public subscription on Wednesday (November 6), investors are weighing their options: should they subscribe to the issue or invest in the Zomato stock?

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.