On the opening day this week, Indian foodtech major Swiggy Ltd., saw 12 percent of the subscriptions for its initial public offering (IPO).

According to NSE data, bids were received for 1,89,80,620 shares of the 16,01,09,703 shares that were up for grabs.

While the non-institutional investors (NIIs) group saw a six percent subscription rate, the retail individual investors (RIIs) division saw a 54percent subscription rate.

At the highest price range of Rs.390 per share, Swiggy raised Rs.5,085.02 crore from anchor investors on November 5. Eight of the top ten mutual funds, including SBI MF, ICICI Prudential MF, Kotak MF, Mirae MF, and Nippon MF, made up 56 percent of the anchor book, which was held by domestic institutions.

Prominent insurance companies also took part, such as SBI Life, HDFC Life, and ICICI Prudential Life.

Through the IPO, which includes a new issue of shares valued at Rs.4,499 crore and an offer for sale (OFS) of Rs.6,828 crore, the business hopes to raise Rs.11,327 crore.

At the higher price range, Swiggy is valued at approximately $11.3 billion, or Rs.95,000 crore.

The market value of rival Zomato, which went public in July 2021, is Rs.2.25 lakh crore.

According to the draft documents, the company intends to use the money raised from the new issue to pay off debt, invest in cloud infrastructure and technology, market the brand and promote the business, and pay off inorganic growth and other corporate needs.

In contrast to the 105.6 million shares available, bids for 67 million shares, valued at Rs 3,385 crore, were received at Wednesday's share sale of Hindustan Zinc (HZL). Near the government-set base price of Rs 505.5, the majority of offers in the offer for sale (OFS) fell within this range.

In the secondary market, HZL's shares dropped 8.3percent, closing at Rs 513. On Thursday, an additional 10.6 million shares that have been set aside for individual investors will go up for auction. The government wanted to sell off 2.5percent of the commodities major through the OFS.