Swiggy appointed merchant banker for its IPO, preparing to raise $ 1 billion

entire money in one go.

Swiggy appointed merchant banker for its IPO, preparing to raise $ 1 billion

finance914000-min
finance914000-min

SwiggyIPO may be launched.

 

Food delivery company Swiggy has started preparing for the launch of its mega IPO. Sources familiar with the matter have told Moneycontrol that the company has appointed two investment bankers for the $1 billion IPO. Swiggy is preparing to join the list of companies like Zomato, Hero with the listing of its shares.

Let us tell you that Zomato started with a great listing in the Indian market in July 2021, but the stock has seen a huge decline in recent times. Not only Zomato, but there has also been a huge beating of new generation tech-based stocks all over the world.

According to information received from sources, Swiggy has appointed ICICI Securities and JP Morgan for its proposed IPO. More banks may be appointed as merchant backers in the future. Sources have also told that this could be a big IPO based on the valuation and there are plans to raise $1 billion from the market through this IPO.

Another source told Moneycontrol that Swiggy is likely to file its IPO application with SEBI by June and the IPO launch could happen in late 2022 or early 2023. The launch of the IPO will depend on the market conditions.

Another source with knowledge of the matter says that Swiggy’s cost structure, focus on new business and strong domestic business are the strong aspects of this IPO. Sources say that this IPO will be a mix of fresh issue and offer for sale. The company will use the money raised from the fresh issue as growth capital. At the same time, through the offer for sale, the investors of the company will do a partial sale of their stake.

The market broke 16% from the record high but these 15 stocks slipped 30-66%, know what is the opportunity to invest in them.

Moneycontrol has contacted Swiggy for the page of this news, but till the writing of this news, it has to be received from the company’s side. There was no response while ICICI Security declined to comment on the matter. JP Morgan has not yet responded to Moneycontrol’s query.

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