Swiggy likely to price $1.4 billion IPO at 371-390 rupees/share, sources say
Indian food delivery giant Swiggy will likely price its $1.4 billion initial public offering at 371-390 rupees per share, sources with direct knowledge of the matter told Reuters on Monday.
Swiggy has in recent weeks cut its internal valuations goal twice by a combined 25% due to volatility in the 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.
The company is expected to list its shares on Nov. 13, in what will be the country's second biggest stock offering this year behind Hyundai India's IPO last week.
(This story has been corrected to say the company was looking at a valuation of as much as $15 billion, not planning to raise the amount, in paragraph 2)
