Swiggy eyes $1.35 billion IPO amid volatile Indian market

Indian food delivery giant Swiggy (SWIG.NS) plans to launch its $1.35 billion domestic IPO next week, likely pricing shares between 371 and 390 rupees ($4.41-$4.64), according to sources familiar with the matter.

Swiggy eyes $1.35 billion IPO amid volatile Indian market

The IPO will be open for public subscription from November 6 to 8, following an anchor investor bidding round on November 5, as outlined in the company’s red herring prospectus. Swiggy is set to list on November 13, marking India’s second-largest IPO of the year after Hyundai Motor India’s $3.3 billion listing earlier this month, which received modest interest from retail investors.

New shares value increased

The offering includes new shares valued at 44.99 billion rupees ($535.14 million), an increase from the initially planned 37.5 billion rupees, while existing shareholders, including Prosus and Tencent, will divest 175.1 million shares. Facing market volatility, Swiggy recently revised its valuation target down by 25%, now aiming for $11.3 billion from an initial $15 billion estimate. Despite stock market fluctuations—India's Nifty 50 index (.NSEI) has fallen over 8% since late September—India's IPO market remains strong, with 270 companies raising $12.57 billion so far this year, surpassing the $7.4 billion total in 2023, per LSEG data.