Swiggy’s IPO has attracted significant interest, with large investors like Norges Bank and Fidelity placing bids over $15 billion. The anchor book, intended for major investors, is reportedly oversubscribed by 25 times ahead of Swiggy’s $1.35-billion IPO launch next week.
The SoftBank-backed food and grocery delivery platform aims to raise $1.35 billion in what will be India’s second-largest IPO this year. Following recent stock market corrections, Swiggy has revised its estimated valuation to $11.3 billion, a 25% drop from its earlier projection of $15 billion.
See full IPO information here: Swiggy IPO Review
Swiggy’s IPO highlights growing investor interest in India’s quick commerce and food delivery sectors, where goods are delivered within minutes. This demand is reflected in the anchor book’s $605-million portion, reserved for large investors, which received bids exceeding $15 billion.
Quick commerce in India is expected to generate $6 billion in sales this year, up from just $100 million in 2020. This rapid growth underscores the potential in this burgeoning market segment, driven by Swiggy and its competitors.
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Indian companies are increasingly investing in quick commerce, racing to deliver essentials like milk, cosmetics, and electronics faster than traditional players. This trend puts them ahead of competitors like Amazon in delivery speed, reshaping the on-demand delivery landscape.
