Swiggy IPO gets bids worth over $15 bn from big investors like Norges, Fidelity: Report

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.