Swiggy or Zomato. Zomato, currently profitable with a larger market share, has seen a stock surge. Analysts believe Swiggy, though currently unprofitable, might become a stronger competitor post-IPO with funds directed towards expansion and achieving profitability.

As the initial public offering (IPO) of Swiggy opens for public subscription on Wednesday (November 6), investors are weighing their options: should they subscribe to the issue or invest in the Zomato stock?

Swiggy, one of India's largest food delivery and quick-commerce startups, is seeking a valuation of up to $11.3 billion in its initial public offering, Swiggy, once the top food delivery and quick commerce startup in India,

Indian food and grocery delivery firm Swiggy is expected to see just modest demand from retail investors for its $1.4 billion IPO even after cutting its hoped-for valuation twice, with momentum for domestic stocks having cooled considerably.

Swiggy sold shares worth $605 million to institutional investors including Fidelity and Norges on Tuesday as the food delivery firm launches a $1.35 billion IPO that will be India's second-largest stock offering this year.

Swiggy and Zomato hold almost a duopoly in India's online food delivery business, with Zomato having an edge in terms of market share and profitability

At the upper-end of the price band of ₹371 to ₹390 per share, Swiggy IPO will value the Softbank-backed company at $11.3 billion, slightly higher than its valuation during the last funding round in 2022.