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Swiggy, the prominent food delivery giant, is gearing up for its highly anticipated initial public offering (IPO), aiming to secure a valuation of $11.3 billion, according to an anonymous source familiar with the development. This news comes after initial plans to list at a higher valuation, ranging from $15 billion and above, were revised due to the prevailing market volatility. The company's decision to leave more money on the table highlights the cautionary approach taken by businesses in light of recent market fluctuations.
The last private market valuation of Swiggy stood at $10.3 billion, reached when Invesco joined the company as an investor. The public issue is scheduled to open for subscription after November 6th, attracting significant interest from over 30 foreign long-only investors. These investors are expected to play a pivotal role in anchoring the book for the IPO, indicating a strong level of confidence in Swiggy's future prospects.
Swiggy's strategic decision to lower its IPO valuation reflects a calculated approach amidst a volatile market. By leaving more money on the table, the company aims to attract a broader range of investors, ensuring a successful IPO. This move signals a pragmatic approach to the market realities while still showcasing the company's growth potential and strong investor interest. As the IPO date approaches, market analysts and investors alike will be closely watching the developments surrounding Swiggy's journey towards becoming a publicly listed company.