Swiggy’s $1.3 Billion India IPO Sold on Final Day (Correct)

Swiggy Ltd.’s $1.3 billion initial public offering was subscribed more than three times on Friday, driven by a late surge in demand from large investors for the Indian food-delivery platform.

The offering, one of the few $1 billion-plus listings in India this year, drew bids for six times the shares kept for foreigners and domestic money managers. The retail tranche was also fully covered.

For many, this IPO was seen as a test of whether the market still has an appetite for large first-time share sales after Hyundai Motor India Ltd.’s record $3.3 billion offer had a lukewarm debut ...