- Swiggy, backed by SoftBank, plans to file its draft red herring prospectus with India's market regulator by the first week of September, aiming for a $1.28 billion IPO.
- The IPO will be the second-largest for a venture capital-backed company in India, following Paytm, with Swiggy aiming to raise Rs 10,400 crore.
- Swiggy's valuation is expected to be around $16 billion, approximately 60% of Zomato's market capitalization, according to sources.
- The company confidentially filed documents for the IPO in April and received shareholder approval for a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 6,664 crore.
- Swiggy's IPO comes as its rival Zomato has seen significant stock price gains, and the listing will set a valuation benchmark for Swiggy, which needs to achieve profitability to attract investors.
Source: [Your Story](https://yourstory.com/2024/08/swiggy-drhp-ipo-first-week-september)