Food delivery giant Swiggy, backed by big investors like Prosus and SoftBank, has set its initial public offering (IPO) price at Rs 390 at the top end of the range, according to a report by Bloomberg. The IPO is scheduled to open for public bidding from November 6 to 8, with the company aiming to raise about $1.35 billion (around Rs 11,700 crore).
Reports also suggest that Swiggy’s anchor book will open on November 5, a day before the public issue. Swiggy is eyeing a high valuation of approximately $11.3 billion, making this one of the biggest IPOs by a private Indian firm this year.
If successful, this IPO would put Swiggy among India’s largest public listings, following Hyundai Motor India’s recent IPO, which raised Rs 27,856 crore ($3.3 billion). However, recent listings, including those of Paytm and LIC, faced rough starts, which may influence investors’ caution regarding Swiggy’s debut.
Swiggy, founded in 2014, partners with over 200,000 restaurants across India and competes with rivals like Zomato-owned Blinkit, Zepto, and Tata’s BigBasket in the quick-commerce market. The company’s main focus remains on its food delivery services and its quick-commerce platform, Instamart. With this IPO, Swiggy joins the growing list of Indian tech unicorns making their mark on the stock market, reflecting strong investor interest in India’s fast-growing digital economy.
Source: Moneycontrol
News Desk
