Swiggy, one of India’s leading food-delivery platforms, is preparing to file for its initial public offering (IPO) as soon as this week. According to sources familiar with the matter, the company plans to raise more than $1 billion through this offering. The exact details, such as the size and timing of the IPO, are still being discussed and could change. Swiggy is awaiting approval from India’s Securities and Exchange Board (SEBI) before moving forward with the IPO filing.
Swiggy’s Growth and Competitors
Founded in 2014, Swiggy has quickly expanded across India, partnering with more than 150,000 restaurants to offer food delivery services. The company operates in the highly competitive food-delivery space, where it faces rivals such as Zomato (already publicly listed), Amazon India, and Tata Group’s BigBasket.
Backed by Global Investors
Swiggy is backed by SoftBank Group Corp., which is known for its investments in technology companies around the world. With this IPO, Swiggy joins a number of other companies seeking to tap into India’s fast-growing economy and the increasing interest from global investors.
India’s Strong IPO Market in 2024
So far in 2024, approximately $7.8 billion has been raised through initial share sales in India, surpassing the amount raised in each of the last two years. The interest in IPOs is expected to remain strong throughout the year, with more companies planning to go public.
Upcoming Major Listings
In addition to Swiggy’s planned IPO, other large companies are expected to follow suit. Hyundai Motor Co. is preparing to list its Indian unit later this year, which could become one of the largest-ever IPOs in the country. LG Electronics Inc. is also planning a major listing for its Indian business, potentially raising as much as $1.5 billion. These significant listings highlight the growing importance of India as a major destination for global investors.
Conclusion
Swiggy’s potential IPO is a significant step for the company, which has rapidly grown its presence in India’s food-delivery market. With strong backing from investors like SoftBank and a highly competitive market, Swiggy is positioning itself as one of the key players in India’s tech ecosystem. The upcoming IPOs from major global brands like Hyundai and LG further signal that India’s stock market is set for a busy year.
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