India's Swiggy Aims for $1.4 Billion IPO Targeting November Debut

Swiggy founders: Nandan Reddy, Rahul Jaimini, and Sriharsha Majety

Indian food delivery leader Swiggy is gearing up for a major IPO in early November, aiming to raise 120 billion rupees ($1.4 billion). The public offering will feature INR 37.5 billion in primary shares and 186 million secondary shares, according to IFR, citing insider sources. Swiggy is reportedly targeting a valuation between $12.5 billion and $13.5 billion, slightly below initial analyst forecasts of $15 billion.

Key investors in the IPO include Accel India, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia, DST EuroAsia, Elevation Capital, MIH India Food Holdings, Norwest Venture Partners, and Tencent Cloud Europe, IFR noted. The lead underwriters are Avendus, Bank of America, Citigroup, ICICI Securities, Kotak, Jefferies, and JP Morgan.

Meanwhile, competitor Zomato, which raised INR 93.8 billion through an IPO in 2021, received board approval for a QIP to raise up to $1 billion. Management plans to utilize this funding to strengthen its market position.

The MENA region is also witnessing IPO interest from food delivery companies, with Delivery Hero preparing to list its UAE subsidiary Talabat on the Dubai stock exchange by year-end.

Source: Bindu Rai / Zawya