Key Points
- Swiggy is aiming for a valuation of $11.7 billion to $12.7 billion with its IPO.
- The IPO is expected to kick off in early November, depending on market vibes.
- It will include a fresh issue of Rs 3,750 crore and an offer for sale of up to 182 million shares.
- Big-name investment banks are on board to help with the IPO.
- Swiggy’s competing with delivery rivals like Zomato’s Blinkit and Tata’s BigBasket.
Looma News
The food and grocery delivery giant, Swiggy, is eyeing a hefty valuation between $11.7 billion and $12.7 billion as it prepares for a highly-anticipated IPO, likely launching in early November. Insiders say anchor investors are already showing interest, which is a promising sign.
IPO Breakdown
Swiggy’s IPO will feature a fresh issue worth about Rs 3,750 crore, with the possibility of bumping it up to Rs 4,500 crore. There’s also an offer for sale of up to 182 million shares. If all goes smoothly, they could raise over Rs 12,000 crore, which is around $1.42 billion. This is huge, especially considering how competitive the delivery scene is.
Market Rivalry
With competitors like Zomato’s Blinkit and Tata’s BigBasket in the mix, Swiggy is in a fierce fight for market share. As Swiggy gears up for its IPO, Zomato is looking into funding through a Qualified Institutional Placement (QIP), adding to the competitive buzz.
Backing and Approval
Swiggy has some major backers, including Prosus and SoftBank, along with other notable investors. They’ve teamed up with top investment banks like Citi and JP Morgan to navigate the IPO process. Recently, Swiggy got the go-ahead from SEBI after a confidential filing, allowing them to keep sensitive info under wraps until they finalize everything. This approach is becoming more common in the market.
In short, Swiggy’s upcoming IPO could be a game-changer not just for the company but for the entire food delivery sector. Let’s see how it all plays out.
