Swiggy's Upcoming IPO Attracts Over $15 Billion in Investor Bids - Read Now

Swiggy IPO: In a big development for India's booming tech space, food and grocery delivery behemoth backed by SoftBank is primed to launch its eagerly awaited $1.4 billion initial public offering (IPO) next week. According to reports, some of the world's largest investors, including Norway's sovereign wealth fund Norges Bank Investment Management and Fidelity, have already committed over $15 billion into the IPO, which has been set aside for just $605 million.

This has led to an appetite that is pretty good on the part of institutional investors towards the food delivery and "quick commerce" sector in India where delivery can happen as soon as in 10 minutes. The ongoing bid for Swiggy's IPO is witnessing tremendous demand surpassing supply; it was just a day or so before the anchor book, for large investors, became saturated with adequate bids.

Originally, Swiggy had expected its valuation in the IPO to come to around $15 billion but has since reduced its estimates to $11.3 billion, which is a correction by 25%. Swiggy's valuation drop seems not to have depressed investment interest, as key investment players have shown more interest than ever.

Some of the notable investors included Capital Group, a behemoth US-based investment house, in the Swiggy IPO, further proof of the international interest for India's rapidly expanding e-commerce landscape. More and more people are resorting to online food delivery and grocery shopping, and it is the firms like Swiggy that will go exponential, hence attractive institutional investors cash in on that trend through stock offerings.

Yet the silence on the bids by Swiggy and concerned investors has not yet come. However, the response in the market indicates how optimistic people are regarding Swiggy's business model and the prospect of its future. When the IPO is scheduled to be the second biggest share offering in India this year, everybody, investors as well as consumers, will be looking at the entry of Swiggy into the public market with keen interest.

With Swiggy nearing the date of its IPO, one can expect to get considerable attention as everyone seems to be speculating how much more it can revolutionize the food delivery market. The IPO could even act as a benchmark for all future tech listings in India, which would tell everyone about the hunger of the institutional investors for Indian start-ups.

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