Swiggy to File Draft Papers for $1.3B IPO by September First Week

• 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