Swiggy eyes IPO filing this week, aims to raise $1B
Swiggy, a prominent Indian food delivery platform, is preparing for its domestic initial public offering (IPO) this week, according to Bloomberg. The Bengaluru-based company is aiming to raise over $1 billion through this IPO. However, the final details regarding the size and timing of the offering are still under discussion and subject to change.
SEBI's approval for IPO filing awaited
Swiggy is currently awaiting approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO filing. The company, established in 2014, has partnered with over 150,000 restaurants across India for food delivery services. It competes with other major players in the market such as Zomato, Amazon's Indian division, and Tata Group's BigBasket.
Swiggy's IPO part of India's booming share sales
Swiggy's potential IPO is part of a larger trend of robust share sales in India. The company, backed by SoftBank Group, is among several local and international firms looking to capitalize on India's economic growth and investor demand. Data compiled by Bloomberg shows that approximately $7.8 billion has been raised through first-time share sales this year alone, surpassing proceeds from each of the previous two years.
