IPO: Swiggy is going to launch its biggest IPO of the year

IPO: Swiggy, an e-commerce company that takes online orders and delivers groceries at doorsteps, is gearing up for its biggest initial public offering (IPO) of the year. Swiggy, an investment arm of Japan's SoftBank Corporation, plans to raise between $1 and 1.2 billion from the market through an IPO. Swiggy's competition with Zomato in food delivery: Swiggy raised its IPO at around Rs. Citing sources, the news agency said it wants to launch at a valuation of Rs 1.25 lakh crore, which would be the biggest IPO of the year. In the food delivery segment, Swiggy's main competition is Zomato, which is already listed on the stock market. Both these companies have invested heavily in the e-commerce sector. In Quick Trade, groceries and other goods are delivered within 10 minutes. Food delivery company Swiggy has approved an IPO in April 2024 to raise $1.25 billion in capital from the stock market, shareholders had approved the IPO in April. Market regulator Securities and Exchange Board is also likely to approve Swiggy's IPO in the next couple of months. After getting approval from SEBI, the company will submit its final documents to the stock exchange. Only after this the IPO offer date can be decided. Also Read: Rules to change from September 1 LPG and DA to raise money from IPO Swiggy targets $15 billion valuation to be launched, says Reuters report This assessment number may also change at the last minute. InstaSmart will use the funds raised from the market through the IPO to expand its business and open up additional storage space so that it can compete strongly with Zomato, the report said. Also Read: Amazon: Amazon gift to sellers, cut sales charges from the start of festive season: Swiggy to launch biggest IPO of the year appeared first on Prabhat Khabar.