Swiggy's IPO Surges Amid Mixed Investor Sentiment
Swiggy's $1.3 billion IPO has received a lukewarm response from Indian investors, despite being oversubscribed by institutional investors. The company, valued at $11.2 billion, faces challenges in a competitive market dominated by Zomato and newer entrants like Zepto. Swiggy's losses have widened, and its IPO comes amid a downturn in the Indian stock market and weak corporate earnings. The company plans to use IPO proceeds to expand its quick commerce network, but analysts remain cautious about its growth prospects.
