NEW DELHI: Food tech firm Swiggy said on Thursday it aims to raise `3,750 core ($449 million) in its initial public offering (IPO). Existing shareholders such as Accel India and Tencent Europe will sell about 185.3 million shares, Swiggy said in its draft prospectus.
Swiggy’s plan to go public comes at a time when investors are showing confidence in new age companies. Shares of Swiggy’s rival Zomato have gained more than 184% in the last one year.
Backed by Japan’s SoftBank investment major Prosus, Swiggy competed against Zomato in India’s fast growing online restaurant and food delivery market. India’s food delivery market is estimated to grow to Rs 2 lakh crore by 2030, as per industry estimates. Swiggy and Zomato together commanding over 90% of this market.
Prosus with 32% stake is among the leading stakeholder in the company. SoftBank, Accel, Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA) and Singapore’s GIC are other shareholders in Swiggy.
The Bengaluru-based company was valued at $10.7 billion when it last raised funds in January 2022. Market experts believed that Swiggy can list with a market valuation of around $10-14 billion.