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,

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

Sagility India IPO listing date is likely on November 12, Tuesday. The equity shares of Sagility India Ltd are set to be listed on both the stock exchanges, BSE and NSE.

Swiggy's upcoming IPO on Wednesday will finally give many analysts a public comparable for what has been long considered to be the Indian internet stock: Swiggy's listing will test whether the Indian market is ready for $1 billion-plus IPOs.

While big ticket offerings have seen relatively muted responses, India’s IPO market has been buoyant, with about 290 companies raising nearly $14 billion so far this year, roughly twice the amount raised in all of last year, LSEG data showed.

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