Bengaluru-based food delivery giant, Swiggy is reportedly gearing up to file for its IPO this week. The SoftBank-backed company is aiming to raise over $1 billion (₹8,389 crore) through its listing.
What Happened: Swiggy is currently awaiting the green light from the Securities and Exchange Board of India (SEBI) to go ahead with the IPO filing, as per a report by Bloomberg.
The specifics of the offering, such as its size and timing, are still under discussion and could change.
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Established in 2014, Swiggy collaborates with over 150,000 restaurants across India. It is in direct competition with public-listed companies like Zomato and Tata Group’s BigBasket.
The move to file for an IPO comes at a time when first-time share sales in India are witnessing a surge, with about $7.8 (₹65,439 crore) billion raised so far this year, outdoing the proceeds raised in each of the past two years.
The Indian market is expected to see more listings in the forthcoming months. South Korea’s Hyundai Motor Co is planning to sell shares in its local Indian unit, and LG Electronics is mulling a potential listing of its Indian business.
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