Swiggy gig workers
Credit: Reuters Photo
New Delhi: Big investors including Norway's sovereign wealth fund Norges and Fidelity have placed bids worth more than Rs 1,26,140 crore in Swiggy's India IPO, 25 times the Rs 5,087 crore portion reserved for such investors, four sources told Reuters on Thursday.
Swiggy, a SoftBank-backed Indian food and grocery delivery giant, will next week launch its Rs 11,352 crore IPO that will be country's second-biggest stock offering this year. The bidding process is ongoing.
After a recent correction in stock markets, the company has reduced its estimated valuation from the IPO to Rs 95,028 crore, 25 per cent less than an earlier estimation of Rs 1,26,143 crore.
Signalling growing interest in India's food delivery and "quick commerce" space - where goods are delivered in 10 minutes - the IPO anchor book reserved for big investors has already received bids worth more than Rs 1,26,143 crore, said the sources, who declined to be named as the process is confidential.
Top investors include Norway's sovereign wealth fund Norges Bank Investment Management, Fidelity International and US-based Capital Group, said three of the sources. The fourth source said BlackRock and the Canada Pension Plan Investment Board are also among investors.
None of the investors or Swiggy immediately responded to a request for comment.
Research firm Datum Intelligence expects quick commerce sales in India to hit Rs 50,457 crore this year, up from Rs 840 crore in 2020.
Swiggy, main rival Zomato and billionaire Mukesh Ambani's Reliance are betting big on the quick commerce concept as they jostle to deliver everything from milk to cosmetics to iPhones within minutes, outpacing peers like Amazon on delivery times.