Swiggy’s IPO draws over $15 billion in bids from major investors, signaling strong demand

Big investors including Norway’s sovereign wealth fund Norges and Fidelity have placed bids worth more than $15 billion in Swiggy’s India IPO, 25 times the $605 million portion reserved for such investors, four sources told Reuters on Thursday.

Swiggy, a SoftBank-backed Indian food and grocery delivery giant, will next week launch its $1.35-billion IPO that will be country’s second-biggest stock offering this year. The bidding process is ongoing.