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 concerns.

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

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

(Reuters) -Shares of Indian food and grocery delivery firm Swiggy jumped nearly 15% in their trading debut on Wednesday, bucking weakness in the broader market and a better performance than some analysts had predicted for the loss-making firm after its $1.

Swiggy Ltd.’s shares climbed in their Mumbai debut, signaling a vote of confidence for large initial public offerings in India.

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.

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,