Food delivery giant Swiggy is reportedly offering a pre-IPO discount to high net worth individuals (HNIs) looking to invest in the company. This move comes as Swiggy gears up for its initial public offering (IPO).
According to a report by Entrackr, Swiggy's appointed financial advisors are proposing shares priced at ₹350 each, valuing the company at ₹80,000 crore. This represents a 20% discount from Swiggy's current valuation.
This news follows recent positive developments for Swiggy. US-based investment firm Invesco previously increased Swiggy's valuation to $12.7 billion, a 19% jump, ahead of its anticipated IPO. Additionally, investor Baron Capital assessed Swiggy's fair value at $12.2 billion as of March 2024. These valuations bring Swiggy closer to competitor Zomato, whose shares recently reached a record high on the National Stock Exchange (NSE).
Swiggy's pre-IPO discount and rising valuations reflect growing optimism in the Indian startup market after a period of funding slowdown. This trend is evident in the increasing valuations of several other startups like Meesho, PineLabs, FirstCry, and Ola Electric, all aiming for IPOs in the near future.
Also Read: Swiggy Revenue Soars 40% to ₹8,264 Crore in FY23, But Losses Deepen to ₹4,179 Crore