The ₹11,327-crore initial public offering (IPO) of food delivery platform Swiggy made it through the fully subscription line on the final day of the sale with institutional investors leading the response charts.

The share float received bids for 5.7 crore shares against 1.6 crore shares on offer, translating into 3.59 times subscription.

The portion for qualified institutional buyers (QIBs) was subscribed 6.02 times, while the portion reserved for retail individual investors (RIIs) saw 1.14 times subscriptions.

The quota for non-institutional investors was relatively lukewarm as it saw subscription levels of only 41 per cent.

Market experts said that the response to the offering should be gauged in the context of current conditions where FIIs are pulling out and the sentiment is weak in the secondary markets due to poor corporate results.

Moreover, the grey market premium (GMP) has also been poor. According to IPOWatch, it is now ruling at ₹2, down from ₹15 yesterday and ₹130 on October 29.

Swiggy on Tuesday announced that it has garnered ₹5,085 crore from anchor investors.

The IPO came in a price band of ₹371-390 a share. It comprised a fresh issue of shares worth ₹4,499 crore, along with an offer for sale (OFS) of ₹6,828 crore. Investors had to subscribe to a minimum of 38 shares and in multiples of 38 thereafter.