Swiggy aims to kick off $1.35 billion India IPO mid-next week: Report

By Anto Antony 

Indian food-delivery platform Swiggy Ltd. is seeking to sell shares for as much as Rs 390 ($4.64) each in an initial public offering that may raise $1.35 billion, people familiar with the matter said. 

The IPO will open for bids from Nov. 6 to Nov. 9, and shares are expected to start trading from Nov. 13, according to the red herring prospectus published Tuesday. Anchor investors can put in orders on Nov. 5, and about $535 million will be raised from sale of new shares, according to the document.

 

Investor enthusiasm over India’s high growth rate and their willingness to pay high valuations have encouraged a record number of companies to go public, making the nation one of the world’s busiest IPO market. Hyundai Motor India, India’s second-largest carmaker by sales, raised a record $3.3 billion in an IPO earlier this month. 

 

A spokesperson for Swiggy didn’t respond to a request for comment on the pricing of the issue.

 

Founded in 2014, Swiggy partners more than 200,000 restaurants across India to deliver food in the world’s most populous nation, according to its website. Its rivals include Zomato Ltd., e-commerce giant Amazon.com Inc.’s India unit and conglomerate Tata Group’s BigBasket in the country’s fast-growing quick commerce sector.