Softbank-backed Swiggy, the Indian food-delivery platform is looking to file its initial public offering this week, looking to contribute its share to a strong pipeline share sales in the country. This is as per a Bloomberg report.
The company is looking to raise more than $1bn, people in the know reportedly told Bloomberg as the information is not public yet. It is reported that the Bengaluru-based delivery major is waiting to get approval from the Securities and Exchange Board of India (Sebi) to go ahead with the IPO.
The details regarding the size and timing of the offering are reportedly still under consideration and are subject to change.
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Swiggy representative did not respond to Bloomberg's request seeking comment on the development.
Swiggy was founded in 2014 and it partners with more than 1,50,000 restaurants delivering food across India, the world's most populous nation, as per its website.
Its rival companies include Zomato, Tata Group's BigBasket and e-commerce giant Amazon.
The Company's IPO filing comes at a time when more companies are looking to go public in the coming months. In what could be the biggest-ever listing in India this year, Hyundai Motor Co. is planning to sell shares in its local unit this year. LG Electronics Inc. has also chosen banks for the potential listing of its business and could reportedly raise as much as $1.5bn.
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Swiggy's IPO will see it follow the likes of other local and international companies looking to take advantage of the country's economic growth and demand from global investors by tapping the country's market.
Swiggy so far raised about $7.8bn through first-time share sales this year, exceeding the proceeds in the past two years, as per the data compiled by Bloomberg.
