Swiggy IPO: Indian food-delivery platform Swiggy Limited is preparing to launch an IPO. The company may file documents with SEBI for the IPO this week. According to Bloomberg news, Swiggy can raise more than $ 1 billion ($ 100 million) through its IPO. Bengaluru-based company Swiggy is waiting for approval from SEBI to proceed with the IPO filing.
Discussion including price band
According to the report, other details including the price band and date of the Swiggy IPO are still under discussion and changes are possible. However, there has been no statement from Swiggy in this regard yet. Let us tell you that Swiggy, founded in 2014, has partnered with more than 150,000 restaurants across India to help deliver food in the world’s most populous country. It competes with companies like Zomato Ltd., the Indian unit of e-commerce giant Amazon.com Inc. and Tata Group’s BigBasket.
Also read: The stock of ₹ 184 has come down to ₹ 6, now giving consistent profits, the price has risen by 80% in a month Also read: This IPO is opening from tomorrow, price band ₹ 128, strong rise in the gray market
IPOs of more big companies may come
Swiggy, backed by SoftBank Group Corp., would follow in the footsteps of other local and international companies seeking to tap the country’s economic growth and demand from global investors. About $7.8 billion has been raised through first-time share sales so far this year, more than proceeds in each of the past two years, according to data compiled by Bloomberg. More listings are expected in the coming months. Hyundai Motor Co. plans to sell shares in its local Indian unit this year in what could be one of the biggest listings in India. LG Electronics Inc. has tapped banks for a potential listing of its India business that could raise up to $1.5 billion.
