Food delivery giant Swiggy’s initial public offering (IPO) has garnered significant interest from prominent investors, with bids totaling $15 billion, according to a report. This development underscores the enthusiasm surrounding the company’s market debut.
Investors such as Norges Bank Investment Management, Fidelity International, and Capital Group have expressed interest in participating in the IPO, the report stated. Other notable investors, including sovereign wealth funds and pension funds, are also believed to have placed bids.
Swiggy’s IPO, expected to be one of the largest in India’s food delivery sector, has generated substantial buzz due to the company’s dominant market position and growth prospects. The company aims to raise around $800 million to $1 billion through the IPO.
Sources familiar with the matter revealed that the strong demand has led to an oversubscription of the IPO, providing Swiggy with flexibility in pricing its shares. This could result in a higher valuation for the company.
Swiggy’s financial performance has been impressive, with the company reporting a 135% increase in revenue to ₹2,954 crore in FY22. Its losses narrowed to ₹1,588 crore during the same period.
The IPO’s success will be closely watched, as it may set the stage for other Indian startups to enter the public market. Swiggy’s listing is expected to provide liquidity to early investors and employees holding stock options.
The company has appointed investment banks such as J.P. Morgan, Morgan Stanley, and ICICI Securities to manage the IPO process.
