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SoftBank-backed Swiggy's shares soar 15% on India market debut after stellar IPO

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The company’s IPO, the country’s second-largest this year, was reportedly oversubscribed more than three times.

The company raised 113.27 billion Indian rupees in its IPO that closed Monday, making it the country's second-largest listing this year.

They pointed out that the"quick commerce" industry in India has seen rapid adoption in the past 1-2 years. However, Macquarie raised concerns over the profitability of Instamart, saying that there were headwinds to improving the unit economics of the business. Macquarie is still optimistic on Swiggy catching up with market leader Zomato on the food delivery segment. It added that while Swiggy is not as profitable as Zomato due to a smaller base and higher branding and employee costs, it could potentially bridge that gap.

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