Swiggy targets $12 billion ahead of IPO, company eyes November launch

Swiggy, the Indian food and grocery delivery giant backed by investors such as Prosus and SoftBank, is targeting a valuation between $11.7 billion and $12.7 billion in its upcoming IPO. According to a Moneycontrol report, the company aims to launch the IPO in the first half of November, although the timeline could change depending on market conditions.

Swiggy’s IPO will consist of a fresh issue worth ₹3,750 crore and an offer for sale (OFS) of up to 182.3 million shares. However, sources suggest the fresh issue could increase to ₹4,500 crore, with the final IPO size potentially exceeding ₹12,000 crore, or approximately $1.42 billion. The company recently received SEBI approval for its IPO, filing confidentially under the new guidelines allowing companies to protect sensitive information until they finalize their plans.

Swiggy competes with Zomato-owned Blinkit, Zepto, and Tata's BigBasket in India’s fast-growing delivery market. While Swiggy prepares for its public offering, its rival Zomato is considering raising funds through a Qualified Institutional Placement (QIP).

Investment banks such as Kotak Mahindra, Citigroup, JP Morgan, and Jefferies are working on the IPO, with Cyril Amarchand Mangaldas providing legal counsel. Key investors in Swiggy include Prosus (32%), SoftBank (8%), and Accel (6%), alongside Tencent, Qatar Investment Authority, and Singapore’s GIC.

Swiggy’s public debut is one of the most anticipated in India’s tech sector, reflecting the increasing appetite for online delivery services.