Swiggy’s Momentous IPO Filing This Week: Anticipates Over $1 Billion Windfall | Breaking IPO News
Swiggy Eyes Over $1 Billion in Domestic IPO
By Julia Fioretti, Baiju Kalesh, and Manuel Baigorri
Last Updated: Sep 15, 2024 | 7:52 PM IST
Indian food delivery giant Swiggy Ltd. is poised to file for its domestic initial public offering (IPO) as early as this week, sources familiar with the matter disclosed. The Bengaluru-based company targets raising over $1 billion, pending approval from India’s Securities and Exchange Board (Sebi).
Although the specifics, including the size and timing of the offering, are still under discussion, this IPO represents Swiggy’s strategic move to capitalize on India’s robust market and economic growth.
Founded in 2014, Swiggy collaborates with over 150,000 restaurants across India, serving as a major player in the food delivery sector alongside competitors like Zomato Ltd., Amazon’s Indian unit, and Tata Group’s BigBasket. Backed by SoftBank Group Corp., Swiggy aims to follow the trend of numerous enterprises leveraging India’s economic upsurge and attracting global investments.
So far this year, IPOs in India have generated $7.8 billion, surpassing the annual figures of the past two years. Upcoming notable listings include Hyundai Motor Co.’s substantial offerings and LG Electronics Inc.’s plans to raise up to $1.5 billion through its Indian business.
Original Story https://www.business-standard.com/markets/ipo/swiggy-eyes-ipo-filing-this-week-may-seek-to-raise-over-1-billion-124091500547_1.html
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