IPO-bound Swiggy slashes valuation target by 10-16% to $12.5-$13.5 billion over market volatility

Food delivery giant Swiggy aims internally for a company valuation of $12.5 billion-13.5 billion for its upcoming initial public offering (IPO), cutting its target by 10-16 per cent due to market volatility. According to news agency Reuters, Swiggy was earlier targeting a $15 billion valuation for its $1.4 billion November IPO, India's second-biggest stock offering in its primary market, behind Hyundai Motor India's market debut this week.

According to Reuters, recent market volatility and a correction in the Indian stock markets have prompted Swiggy to consider a lower valuation for its upcoming public issue. The leading food delivery startup wants to ensure "a lot of value is left on the table" for the investors who bid on the issue.