Food delivery giant Swiggy is internally aiming for a company valuation of $12.5 billion-13.5 billion for its upcoming IPO, cutting its target by 10-16 per cent due to market volatility, according to news agency Reuters.
Swiggy was earlier targeting a $15 billion valuation for its $1.4 billion November IPO which will be the country’s second biggest stock offering this year, behind Hyundai India’s debut this week.
Recent market volatility and a correction in Indian stock markets have prompted Swiggy to consider a lower valuation, as it wants to ensure “a lot of value is left on the table” for investors who bid, according to Reuters.
India’s benchmark Nifty 50 index is on course to log four straight weeks of losses, having dropped 7.15 percent from record high levels hit on Sept. 27, due to persistent foreign selling
