Swiggy, the popular food delivery app, is gearing up for its initial public offering (IPO) in the Indian market. After pausing its IPO plans due to market volatility, Swiggy is now eyeing a listing between July and September 2024. Let’s dive into the details.
Restarting the IPO Journey
- Market Rebound: As global and Indian markets rebound, Swiggy has reignited its IPO planning. The company has invited eight investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to make pitches for working on the IPO.
- Valuation Benchmark: Swiggy is using its last funding round valuation of $10.7 billion as a benchmark. However, the final valuation and potential stake sale are yet to be decided.
- Zomato’s Influence: Swiggy’s rival, Zomato, has seen its shares rise significantly this year. Investor confidence is returning to India’s financial markets, creating a favorable environment for IPOs.
Financial Snapshot
- Profitability: Swiggy’s core food delivery business turned profitable recently, nine years after starting operations.
- Grocery Delivery Service: Swiggy’s newer service, Instamart, continues to make losses.
Looking Ahead
Swiggy’s IPO debut during the festive season aligns with India’s national elections due by May. As investor optimism grows, all eyes are on Swiggy’s journey from food delivery to the stock market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice or endorsement.
