(Reuters) – Indian food delivery giant Swiggy [SWIG.NS] will likely price its $1.35 billion domestic initial public offering, which opens next week, at 371-390 rupees per share ($4.41-$4.64), sources with direct knowledge of the matter told Reuters.
The IPO will open for subscription from Nov. 6 to Nov. 8, the company’s red herring prospectus dated Monday showed. Anchor investors will bid for shares on Nov. 5.
Swiggy is expected to list its shares on Nov. 13.
The share sale will be the country’s second-biggest stock offering this year, behind Hyundai Motor India’s $3.3 billion IPO earlier this month, which had seen subdued interest from retail investors.
The food and grocery delivery firm, which competes with listed rival Zomato, will sell new shares worth 44.99 billion rupees ($535.14 million), more than the 37.5 billion rupees originally planned.
Existing shareholders including Prosus and Tencent are selling a total of 175.1 million shares.
Swiggy has in recent weeks cut its internal valuation goal twice by a combined 25% due to volatility in the Indian stock markets. It was initially looking at a valuation of as much as $15 billion, but following those cuts, it is now targeting $11.3 billion.
Swiggy did not respond to a Reuters request for comment.
India’s benchmark Nifty 50 index is now down more than 8% from record highs hit on Sept. 27 due to persistent foreign selling.
Despite recent jitters, India’s IPO market has been buoyant, with around 270 companies raising $12.57 billion so far this year, well above the $7.4 billion raised in all of 2023, LSEG data showed.
($1 = 84.0720 Indian rupees)
(Reporting by Aditya Kalra in New Delhi, Urvi Dugar, Haripriya Suresh and Hritam Mukherjee in Bengaluru; Editing by Anil D’Silva and Abinaya Vijayaraghavan)
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