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Shares of Swiggy closed 10.48% higher at Rs 464 a piece on NSE on Wednesday as the food delivery and quick commerce firm marked a strong public debut on domestic bourses. 

On the BSE, shares of Sriharsha Majety-led company saw a 10.67% increase from its opening price.  

Shares opened at Rs 420 apiece on NSE on Wednesday, a near 8% premium on the upper band of the company’s IPO of Rs 390 apiece.

Swiggy aims to raise approximately Rs 11,700 crore to invest in its subsidiary Scootsy, reduce company debt, and expand its dark store network. The funds will also be used to enhance technology capabilities and strengthen brand-building initiatives.

Swiggy’s IPO was oversubscribed 3.59 times by the end of the book-building process on Friday, largely driven by strong demand from qualified institutional buyers (QIBs). QIBs alone oversubscribed the issue 6.02 times by the third day, following a slow start in the first two days.

However, demand from high-net-worth individuals (HNIs) and retail investors was relatively subdued. The HNI portion was subscribed 41%, while the retail portion was over subscribed by just 1.14 times.

Swiggy, which competes with Zomato on the quick commerce and food delivery front, is set to announce its second quarter results soon. Investors and analysts will keenly look at average order value and dark store network expansion for Swiggy, profitability in its food delivery business and monthly transacting users on the platform.