Swiggy has reduced its IPO valuation to $11.3 billion, which is 25% lower than its initial target of $15 billion. This decision was influenced by market volatility and the underwhelming debut of Hyundai India.
Despite the cut, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are set to invest in Swiggy's IPO, which is expected to be one of the largest stock offerings in India this year.
Swiggy's IPO is scheduled to open on November 6, 20242. The company plans to raise funds through a fresh issue of equity shares and an offer-for-sale of existing shares.
Swiggy's IPO is one of the largest public issues in India this year and is seen as a significant step for the company as it aims to achieve profitability and expand its services.
The food delivery company aims to raise around ₹11,300 crore through the IPO. This includes a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of up to ₹6,800 crore.
The proceeds from the upcoming IPO will be used for technology and cloud infrastructure, expanding its presence through its subsidiary Scootsy, branding, business promotion, and general corporate purposes.
Recently, Swiggy Instamart has introduced a "Shopping List" feature after receiving user feedback on X (formerly Twitter).
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