The initial public offer of food delivery and quick-commerce major Swiggy Ltd got subscribed 12 per cent on the first day of the share sale on Wednesday.

The initial share sale received bids for 1.89 crore shares against 16.01 crore shares on offer, according to data available with the NSE.

The quota for retail individual investors (RIIs) received 54 per cent subscription, while the non-institutional investors part got subscribed 6 per cent.

Swiggy on Tuesday said it has collected ₹5,085 crore from anchor investors.

The Bengaluru-based company’s shares are available for public subscription in the price range of ₹371 to ₹390 during November 6-8.

The company is aiming to garner ₹11,327 crore from the IPO.

The offer has a fresh issue of shares worth ₹4,499 crore along with an offer for sale (OFS) of ₹6,828 crore.

The valuation of Swiggy has been pegged at about $11.3 billion (about ₹95,000 crore) at the upper price band.

Rival Zomato, which went public in July 2021, has a market valuation of ₹2.25 lakh crore.

The company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.