Swiggy cuts IPO valuation to $12.5 bn-$13.5 bn due to market volatility

Swiggy Lowers IPO Valuation to $12.5-$13.5 Billion Amid Market Volatility.

Expert Analysis:

• Valuation Adjustment: Swiggy adjusts its IPO valuation target to $12.5 billion-$13.5 billion, a reduction of 10-16% due to market volatility.

• Initial Valuation Target: Swiggy initially aimed for a $15 billion valuation for its $1.4-billion November IPO, set to be the second-largest stock offering in India this year, following Hyundai India's debut.

• Market Conditions: This change responds to market volatility and a broader correction in Indian stock markets.

• Expected Listing Date: Swiggy is anticipated to list on November 13 on Mumbai bourses, with IPO subscriptions opening a week prior. Dates may shift slightly. Swiggy, backed by SoftBank and Prosus, has not commented on this timeline.