Indian food delivery leader Swiggy is set to launch an initial public offering (IPO) valued up to INR 120 billion ($1.4 billion) in early November, according to sources cited by IFR. The IPO will include primary shares worth INR 37.5 billion and 186 million secondary shares from existing stakeholders, as reported by individuals close to the matter.
Swiggy aims to achieve a valuation of between $12.5 billion and $13.5 billion, slightly below initial estimates of $15 billion, according to a Reuters report. Key investors selling shares in the IPO include Accel India IV (Mauritius), Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia XI, DST EuroAsia V, Elevation Capital V, Inspired Elite Investments, MIH India Food Holdings, Norwest Venture Partners VI, and Tencent Cloud Europe.
The IPO will be managed by a consortium of financial firms, including Avendus, Bank of America, Citigroup, ICICI Securities, Kotak, Jefferies, and JP Morgan.
Swiggy’s primary competitor, Zomato, raised INR 93.8 billion in a 2021 IPO and recently received board approval for a qualified institutional placement (QIP) to raise up to $1 billion. Zomato’s management has indicated that the additional capital will be used to strengthen its competitive position in the rapidly evolving food delivery market.
Food delivery IPOs are also gaining momentum in the Middle East, where Delivery Hero’s subsidiary Talabat plans a listing on the Dubai Stock Exchange later this year. This trend highlights the increasing appetite for capital expansion across the sector, as companies seek to scale up and adapt to growing demand in emerging markets.