SoftBank-backed food delivery behemoth, Swiggy, is gearing up for a $1.3 billion (₹10,896 crore) IPO by the first week of September.

What Happened: Swiggy, one of India’s highest valued unicorns, is preparing to file its draft red herring prospectus with the Indian markets regulator by the first week of September, according to a report by YourStory.

This would make it the second-largest IPO of a venture capital-backed firm in the nation.

If the listing is successful, the firm will become the only venture capital-backed startup in India to raise more than ₹10,000 crore in a public listing after Paytm.

See Also: Polycab India Shares Upbeat As Brokerage Initiates Coverage With Buy Rating

Swiggy’s valuation is projected to be 60% of Zomato‘s market capitalisation, considering its profitability and revenue. This would peg Swiggy’s worth at approximately $16 billion (₹1.3 lakh crore), a source told the business publication.

In April, Swiggy discreetly filed documents for a ₹10,400 crore IPO with the Securities and Exchange Board of India (SEBI). The firm also received shareholder approval for its IPO, which includes a fresh issue of ₹3,750 crore and an offer for sale worth ₹6,664 crore.

Should Swiggy’s IPO proceed as anticipated, it will rank among the largest-ever public listings in India. This comes at a time when its main competitor, Zomato, has witnessed its share price skyrocket by over 67% in the past six months.

Read Next: Why Bajaj Auto Shares Are Inching Up Despite Heavier Tax Burden