Shares of Swiggy surged 7% to ₹440 on Wednesday as the food-delivery and quick-commerce startup concluded India's second-largest IPO this year. Swiggy's $1.4 billion IPO, the second largest in India this year,

Shares of Indian startup Swiggy surged at its Mumbai debut, driven by strong institutional interest in the food and grocery delivery company.

In this week's newsletter, you can read about IBM India's growth plans, dealmaking secrets from former Softbank CFO, and Indian companies on Forbes Asia's 100 to Watch list

(Reuters) -Shares of Indian food and grocery delivery firm Swiggy rose 2.5% in their trading debut on Wednesday, after its $1.4 billion IPO last week, but pared initial gains on concerns about its path to profitability.

The IPO comprised of both a offer for sale of shares worth 68.28 billion rupees and a fresh issue of shares of 44.99 billion rupees.

Indian food delivery firm Swiggy rose nearly 17 percent on its market debut Wednesday after raising $1.34 billion in the country's second-biggest IPO this year, as investor optimism offset profit

It rained billions of dollars for global investment group Prosus and Chinese conglomerate Tencent as they raked in the moolah from their investments in Zomato-rival Swiggy's IPO as it made its stock market debut on Wednesday at a valuation of over $11 billion.