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

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

24 Oct 2024

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Key Takeaways

Swiggy lowers IPO valuation to $12.5-$13.5 billion, adjusting to market conditions, ensuring appeal for investors amid market volatility.

Swiggy lowers IPO valuation to $12.5-$13.5 billion, adjusting to market conditions, ensuring appeal for investors amid market volatility.

Swiggy

Swiggy

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Expert Analysis

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.

Publisher:money control