Swiggy, the popular food and grocery delivery platform backed by Prosus and SoftBank, is targeting a valuation between $11.7 billion and $12.7 billion for its upcoming IPO. According to a report from Moneycontrol, the company is aiming to launch the IPO in early November, though this may change depending on market conditions.
Sources say bids from anchor investors are already coming in, and Swiggy plans to raise ₹3,750 crore through a fresh issue of shares. There’s a possibility that the fresh issue could increase to ₹4,500 crore, which is the maximum allowed by SEBI regulations. The total IPO size could exceed ₹12,000 crore ($1.42 billion), according to reports.
Swiggy’s IPO documents, submitted confidentially earlier this year, were approved by SEBI on September 24. This allows the company to keep key information private until the IPO plans are finalized.
Swiggy competes with Zomato-owned Blinkit, Zepto, and Tata’s BigBasket. While Swiggy prepares for its IPO, Zomato is considering raising funds through another financial route called Qualified Institutional Placement (QIP).
Investment banks like Kotak Mahindra, Citi, Jefferies, and Avendus Capital are working on Swiggy’s IPO, with Cyril Amarchand Mangaldas as the legal counsel. Key investors in Swiggy include Prosus (32%), SoftBank (8%), and Accel (6%), along with others like Tencent, Qatar Investment Authority, and GIC from Singapore.
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