Indian food-delivery giant Swiggy Ltd. is considering filing publicly for its domestic initial public offering this week.
Swiggy‘s IPO might raise more than $1 billion, noted people familiar with the matter, as per a Bloomberg report. The Bengaluru-based company is awaiting approval from India’s Securities and Exchange Board of India, or Sebi, before proceeding with the IPO filing, according to the sources.
Swiggy – which was founded in 2014, collaborates with over 150,000 eateries across India to help deliver food in the world’s most populous country. The company competes with notable companies like -Zomato Ltd., Amazon.com Inc.’s India unit, and Tata Group’s BigBasket.
Swiggy, which is funded by SoftBank Group Corp., would join other local and international enterprises looking to capitalize on the country’s economic growth and global investor interest. According to Bloomberg data, first-time share sales have raised approximately $7.8 billion this year, topping proceeds from the previous two years.
Apart from Swiggy, several companies will hit the exchanges in the coming months. South Korea’s Hyundai Motor Co. is planning to sell shares in its local Indian company this year in what might be one of India’s largest-ever listings, as per the people familiar with the matter, as cited in a Bloomberg report.
Apart from this, LG Electronics Inc. has selected banks for a potential IPO of its Indian division, which could raise up to $1.5 billion, according to Bloomberg report.
