Food delivery giant Swiggy is reportedly aiming for a valuation of $12.5-13.5 billion for its upcoming IPO, reducing its target by 10-16% from the initial $15 billion. The decision comes amid market volatility and a recent correction in Indian stock markets, according to two sources familiar with the matter. Swiggy’s IPO, expected to raise $1.4 billion, will be the second-largest in India this year, following Hyundai India’s listing. The move aims to attract investors by leaving “a lot of value on the table,” one source said.
This represents a markdown from its previous valuation, given the Nifty 50 index of India has fallen 7.15% since late September, partly because of foreign selling. Hyundai India’s listing also slumped 7.2%, reflecting tepid investor sentiment. Swiggy will list on November 13, with subscriptions likely opening the previous week. The SoftBank- and Prosus-backed Swiggy is aiming to start roadshows across India from October 30. It last raised capital in a 2022 round from US investor Invesco at a valuation of $10.7 billion.
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Source: ET
News Desk
