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Indian food delivery giant Swiggy plans to launch up to a 120 billion rupees ($1.4 billion) IPO in early November.
The company said the listing would comprise INR 37.5 billion primary shares and 186 million secondary shares, , IFR reported, citing people familiar with the development.
A day earlier, Reuters reported Swiggy is targeting a valuation between $12.5 billion to $13.5 billion, lower than the $15 billion forecast by analysts, citing people with direct knowledge of the dealings.
Investors Accel India IV (Mauritius), Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia XI, DST EuroAsia V, Elevation Capital V, Inspired Elite Investments, MIH India Food Holdings, Norwest Venture Partners VI, Tencent Cloud Europe are the vendors in the IPO, the IFR said.
Avendus, Bank of America, Citigroup, ICICI Securities, Kotak, Jefferies and JP Morgan are the lead managers.
Swiggy rival Zomato, which raised INR 93.8 billion in an IPO in 2021, also received board approval this week for a qualified institutional placement (QIP) to raise up to $1 billion, which the management said would be used to shore up competitive position.
Food delivery companies in the MENA have also been looking at IPOs to expand its capital base, with Delivery Hero preparing for a listing later this year of its lucrative Emirati subsidiary Talabat on the Dubai stock exchange.
(Writing by Bindu Rai, editing by Brinda Darasha)
