Brief by Shorts91 Newsdesk / 02:41am on 27 Sep 2024,Friday Business
Swiggy, backed by SoftBank and Prosus, has filed for an initial public offering (IPO) to raise Rs 3,750 crore ($448.56 million). In its draft prospectus, the company announced that existing shareholders, including Accel India and Tencent Europe, will sell about 185.3 million shares. Swiggy competes with Zomato in India’s online food delivery market. This IPO comes amid a strong market for public listings in India, where 198 companies have raised $7.1 billion as of September 2023, more than double the amount from the same period in 2022. Swiggy's IPO is expected to be among the largest this year.
