Swiggy likely to price $1.35 billion IPO at ₹371-390/share: report

Swiggy's $1.35 billion IPO to open at ₹371-390 per share, aiming for $11.3 billion valuation on Nov. 13.

Food delivery giant Swiggy will likely price its $1.35 billion domestic initial public offering, which opens next week, at ₹371-390 per share, sources with direct knowledge of the matter told Reuters.

The IPO will open for subscription from Nov. 6 to Nov. 8, the company's red herring prospectus dated Monday (October 28, 2024) showed. Anchor investors will bid for shares on Nov. 5.

Swiggy is expected to list its shares on November 13.

The share sale will be the country's second-biggest stock offering this year, behind Hyundai Motor India's $3.3 billion IPO earlier this month, which had seen subdued interest from retail investors.

The food and grocery delivery firm, which competes with listed rival Zomato, will sell new shares worth ₹44.99 billion, more than the ₹37.5 billion originally planned.

Existing shareholders including Prosus and Tencent are selling a total of 175.1 million shares.

Swiggy has in recent weeks cut its internal valuation goal twice by a combined 25% due to volatility in the Indian stock markets. It was initially looking at a valuation of as much as $15 billion, but following those cuts, it is now targeting $11.3 billion.