SUMMARY
- Swiggy cuts IPO valuation target to $12.5-13.5 billion due to market volatility.
- IPO set for November 13, following Hyundai India’s debut.
- Indian IPO market remains buoyant, with $12.57 billion raised this year.
Swiggy, the Indian food delivery giant, has lowered its target valuation for its upcoming Initial Public Offering (IPO) to $12.5-13.5 billion, a 10-16% cut from its earlier target of $15 billion. The decision was prompted by recent market volatility and corrections in Indian stock markets, aiming to leave “value on the table” for investors. Swiggy’s IPO, slated for November 13, will be India’s second-largest offering this year, following Hyundai India’s recent debut.
India’s benchmark Nifty 50 index has seen four consecutive weeks of losses, driven by foreign selling, which impacted Swiggy’s valuation plans. Despite this, India’s IPO market remains strong, with 270 companies raising $12.57 billion so far in 2024, surpassing last year’s total.
Swiggy plans to start roadshows across Indian cities on October 30 to promote its stock offering. The company, backed by SoftBank and Prosus, continues to compete with Zomato in food deliveries and quick commerce, where products are delivered within 10 minutes.
