Shares of Swiggy dropped 4% to 401 rupees on Wednesday as the food delivery and quick commerce startup concluded India’s second-largest IPO this year, in a closely watched debut that puts it in direct comparison with what analysts have long considered the benchmark Indian internet stock: Zomato.

Indian food delivery firm Swiggy rose more than 10 percent on its market debut Wednesday, after raising $1.34 billion in the country's second-biggest IPO this year, as investor optimism at quick commerce offset profit concerns.