Food delivery startup Swiggy has hired JP Morgan and ICICI Securities for the launch of its $1 billion IPO, The Economic Times has reported.
Swiggy plans to offer about 10% stake in the IPO, which may be a mix of primary and secondary offering, it quoted a source close to the development.
Swiggy, backed by SoftBank Group, had doubled its valuation to $10.7 billion in the latest funding round in January.
Swiggy had closed a $700 million funding round led by asset manager Invesco, and a host of new investors such as Baron Capital Group, Sumeru Ventures, IIFL AMC Late Stage Tech Fund, Kotak, also participated in the latest round.
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Swiggy's debut on the bourses will be followed by Zomato which made a spectacular debut in July 2021 in which its shares jumped nearly 53 per cent against its issue price of Rs 76.
As per reports, Swiggy is likely to file the draft red herring prospectus with Sebi by June and a launch could happen in early 2023.
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