Swiggy's $1.35 Billion IPO Set to Sizzle Amid Market Challenges
Indian food delivery giant Swiggy is launching a $1.35 billion initial public offering at 371-390 rupees per share. The IPO will run from Nov. 6-8, with anchor investors bidding on Nov. 5. It targets an $11.3 billion valuation amid Indian stock market volatility and will be the year's second-largest offering.
Indian food delivery titan Swiggy is preparing to launch a substantial $1.35 billion domestic initial public offering next week. Sources indicate that the share price will be set between 371 and 390 rupees ($4.41-$4.64). The move comes as Swiggy aims to solidify its market position despite recent market volatility.
The IPO will be open for subscription from November 6 to 8, as revealed in the company's red herring prospectus issued recently. Notably, anchor investors have an opportunity to place bids on November 5. The company's shares are then set to make their market debut on November 13.
This offering is poised to be India's second-largest this year, following Hyundai Motor India's $3.3 billion IPO. Amid stiff competition from Zomato, Swiggy plans to sell new shares worth 44.99 billion rupees while existing stakeholders like Prosus and Tencent will offload 175.1 million shares. This comes as Swiggy reassesses its internal valuation, now targeting $11.3 billion.
(With inputs from agencies.)
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