Swiggy Reduces IPO Valuation to $11.5 Billion, Aims for $1.35 Billion Raise

• Swiggy has lowered its IPO valuation to $11.3-11.5 billion, down from the initial target of $12-15 billion.
• The reduction is attributed to several factors including global market volatility and the majority of the IPO being an offer-for-sale by existing investors.
• The IPO is expected to open on November 6, with the price band to be announced later this month.
• Swiggy plans to raise $535 million as primary capital, with the total offering sized at about $1.35 billion.
• At $11.5 billion, Swiggy will be valued at a 57% discount to its rival Zomato, which had a market capitalisation of about $27 billion.

Source: The Arc