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Swiggy IPO nets $606 million from institutional investors

From TechCrunch

By Manish Singh

November 5, 2024

Swiggy IPO nets $606 million from institutional investors

Swiggy IPO nets $606 million from institutional investors

Swiggy has raised around $606 million from a set of more than 75 anchor investors as part of its $1.35 billion initial public offering, as the Indian food delivery and quick commerce startup prepares for the country’s second-largest listing of the year next week.

The Bengaluru-based startup, which is seeking an $11.3 billion valuation in the IPO, received bids worth $15 billion for the $600 million portion. Indian institutional investors received about 56% of the overall anchor allocation, sources familiar with the matter said. Eight of the top 10 Indian mutual funds have invested in the anchor round.

The anchor investors include BlackRock, Fidelity, Norges Bank, BNP Paribas, HSBC, Nomura, Jane Street, Citadel, Motilal Oswal, Kotak, and 360 One, as well as mutual funds and insurance units operated by Indian lenders SBI, ICICI, Kotak, and HDFC, the sources said, requesting anonymity.

In an exchange filing, following the publication of the story, Swiggy confirmed the fundraise.

Swiggy, which counts Prosus, SoftBank, Accel, and Coatue among its backers, competes with firms including Zomato and Nexus-backed Zepto.

View original article on techcrunch.com

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