Swiggy plans to launch its initial public offering (IPO) this Wednesday, with the bidding process set to close on Friday. The IPO comprises a fresh issue amounting to Rs 4,499 crore alongside an offer for sale of 17.5 crore shares
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The report states that the ecommerce sector is poised for substantial growth and the gross merchandise value (sales) is expected to be around Rs 1 lakh crore to Rs 1.2 lakh crore
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Swiggy, backed by the Japanese conglomerate SoftBank, intends to raise a whopping Rs 3,750 crore ($448.56 million) by issuing fresh shares. Additionally, existing shareholders such as Prosus, Accel India, and Tencent Europe are also expected to sell portions of their existing stakes.
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As Ola prepares for its IPO, the business is re-entering the rapid delivery sector with plans for automated dark stores and a new UPI system
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