Food and grocery delivery firm Swiggy's $1.4 billion initial public offering was fully subscribed on Friday, as institutional investors rushed in with orders on the final day of India's second-largest share sale this year.

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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.

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.

Swiggy's IPO saw a lukewarm response on its first day, with overall subscriptions reaching 9%. Despite a grey market premium, analysts are divided on the company's prospects due to its history of losses and stiff competition.

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.