Swiggy has cut the valuation target for the company for its upcoming IPO to $12.5 Bn to $13.5 Bn
The company was initially said to be eyeing a valuation of $15 Bn but decided to cut it due to market volatility and the ongoing correction in the Indian equities market
Swiggy is targeting a listing on the bourses on November 13 and its public issue will open in the preceding week
Foodtech major Swiggy
has reportedly cut the valuation target for its upcoming initial public offering (IPO) to $12.5 Bn to $13.5 Bn.
Swiggy was initially said to be eyeing a valuation of $15 Bn but decided to cut the valuation for its $1.4 Bn IPO due to market volatility and the ongoing correction in the Indian equities market, Reuters reported citing sources.
The company wants to make sure that “a lot of value is left on the table” for investors who bid for the public issue, one of the sources was cited as saying.
The valuation of Swiggy’s listed rival Zomato stood at around $26.7 Bn at the end of the trading session on Thursday (October 24).
The report said that Swiggy is targeting a listing on the bourses on November 13 and its public issue will open in the preceding week.
Inc42 has reached out to Swiggy for a comment on the development. The story will be updated on receiving a response.
(The story will be updated soon.)