By Julia Fioretti, Baiju Kalesh, and Manuel Baigorri
Indian food delivery service Swiggy Ltd. is reportedly preparing to launch its domestic initial public offering (IPO) as early as this week, according to sources familiar with the situation. This move adds to a robust lineup of upcoming share sales in India.
The anticipated IPO could aim to secure over $1 billion, as per insiders who requested anonymity due to the confidential nature of the information. The Bengaluru-based firm is currently awaiting approval from India’s Securities and Exchange Board (Sebi) before it can officially file for the IPO.
While specifics regarding the offering’s size and timing are still being finalized and may change, discussions are ongoing among stakeholders.
A spokesperson for Swiggy has not yet responded to inquiries regarding this development.
Established in 2014, Swiggy collaborates with over 150,000 restaurants across India to facilitate food deliveries in one of the world’s most populous countries. It faces competition from various entities including publicly traded Zomato Ltd., Amazon’s Indian division, and Tata Group’s BigBasket.
Growing Market Opportunities
Swiggy’s potential IPO follows a trend among both local and international firms aiming to capitalize on India’s economic expansion and increasing interest from global investors. So far this year, approximately $7.8 billion has been raised through new share offerings—surpassing totals from each of the previous two years based on Bloomberg data analysis.
With more listings anticipated in the near future, significant movements are expected within India’s financial markets. Hyundai Motor Co., for instance, is planning an equity sale for its Indian subsidiary that could become one of India’s largest-ever public offerings. Additionally, LG Electronics Inc. has engaged banks for a possible listing of its Indian operations that might generate up to $1.5 billion according to reports by Bloomberg News.
Future Prospects
As Swiggy prepares for its IPO amidst a thriving market environment characterized by substantial investor interest and economic growth prospects in India, it stands poised at an exciting juncture that could redefine its operational landscape while contributing significantly to market dynamics moving forward.
Pratardan Mishra is a passionate Content Writer and Web Developer with a deep commitment to nationalism and political advocacy. Specializing in national issues, he utilizes expertise in writing to craft compelling narratives that champion patriotic values and engage politically minded audiences.
