04 November 2024
Big investors including Norway's sovereign wealth fund Norges and Fidelity have placed bids worth more than $15 billion in Swiggy's IPO, 25 times the $605-million portion reserved for such investors, four sources told Reuters on Thursday.
Swiggy, a SoftBank-backed food and grocery delivery giant, will next week launch its $1.35-billion IPO that will be country's second-biggest stock offering this year. The bidding process is ongoing.
After a recent correction in stock markets, the company has reduced its estimated valuation from the IPO to $11.3 billion, 25% less than an earlier estimation of $15 billion.
Signalling growing interest in India's food delivery and "quick commerce" space - where goods are delivered in 10 minutes - the IPO anchor book reserved for big investors has already received bids worth more than $15 billion, said the sources, who declined to be named as the process is confidential.
Big investors including Norway's sovereign wealth fund Norges and Fidelity have placed bids worth more than $15 billion in Swiggy's IPO, 25 times the $605-million portion reserved for such investors, four sources told Reuters on Thursday.
Swiggy, a SoftBank-backed food and grocery delivery giant, will next week launch its $1.35-billion IPO that will be country's second-biggest stock offering this year. The bidding process is ongoing.
After a recent correction in stock markets, the company has reduced its estimated valuation from the IPO to $11.3 billion, 25% less than an earlier estimation of $15 billion.
Signalling growing interest in India's food delivery and "quick commerce" space - where goods are delivered in 10 minutes - the IPO anchor book reserved for big investors has already received bids worth more than $15 billion, said the sources, who declined to be named as the process is confidential.
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