Swiggy seeks valuation of $11.3 billion; IPO to open on Wednesday

Food transportation and quick-commerce large Swiggy, which is coming retired with its archetypal nationalist offering (IPO) connected Wednesday, is seeking a valuation of astir $11.3 billion.

The Bengaluru-based institution is aiming to garner Rs 11,327 crore from the IPO, which volition comprise a caller contented of shares worthy Rs 4,499 crore on with an connection for merchantability (OFS) of Rs 6,828 crore.

Swiggy has acceptable a terms set of Rs 371 to Rs 390 per stock for its maiden nationalist issue. The contented volition unfastened for nationalist subscription connected November 6 and reason connected November 8.

Speaking astir the pricing, Swiggy Food Marketplace CEO Rohit Kapoor said, "We consciousness we person priced it close and we are looking guardant to the adjacent fewer days." The valuation of Swiggy has been pegged astatine astir $11.3 cardinal (about Rs 95,000 crore) astatine the precocious terms band.

Rival Zomato, which went nationalist successful July 2021, has a marketplace valuation of Rs 2.13 lakh crore. "Our pricing is successful the scope of Rs 371-390 which corresponds to a worth of astir $11.3 cardinal roughly.

It is not nonstop due to the fact that it depends connected wherever the contented really clears astatine the extremity of the day," Kapoor told PTI successful an interview. Asked astir media reports regarding slashing the valuation of Swiggy, Kapoor clarified that determination has been nary lowering of valuation arsenic the existent worth of the institution is determined erstwhile the transaction really happens.

"This is each speculation successful the media connected what the worth is. So the information of the substance is, the worth has not gone up oregon down. The worth is precisely wherever it is expected to be... I conscionable privation to acceptable intelligibly connected grounds that determination has been nary lowering of valuation per se.

There was a find process and astatine the extremity of it, this is the terms that we collectively consciousness precise bully about," helium added. The contented comes amid a bid of IPOs successful the caller past, including South Korean car shaper Hyundai's mega Rs 28,000-crore issue.

Swiggy, founded successful 2014, posted a nonaccomplishment of Rs 611 crore successful the 4th ended June 2024, narrowing from Rs 564 crore successful the aforesaid play past year.