Swiggy cuts IPO valuation again, to $11.3 billion, BlackRock and CPPIB to invest: report
The Hindu
Swiggy lowers IPO valuation to $11.3 billion amid market volatility, attracting investments from BlackRock and CPPIB.
Food delivery giant Swiggy has slashed its IPO valuation again, to $11.3 billion, 25% below the initial goal of $15 billion as market volatility and the lacklustre debut of Hyundai India weigh on sentiment, two sources said on Sunday (October 27, 2024).
BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest in the $1.4 billion IPO, which will be the country's second-biggest stock offering this year, the sources told Reuters.
Swiggy, Blackrock and CPPIB did not immediately respond to requests for comment outside business hours.
Indian shares have fallen for four weeks in a row, the longest such losing run since August 2023, with the benchmark Nifty 50 index down more than 8% from record highs hit on Sept. 27, due to persistent foreign selling.
Hyundai India shares fell 7.2% on their debut last week after retail investors gave a lukewarm reception amid concerns about a lofty valuation.
Swiggy, backed by SoftBank and Prosus, was concerned to avoid a tepid response to its relatively large IPO, coming amid global uncertainty from the Nov. 5 U.S. presidential election, and decided to cut the valuation in consultation with investors, said one source, with direct knowledge of the company's plans.
Swiggy does not want a "bad IPO", this person said. Its last funding round, led by Invesco, valued it at $10.7 billion in 2022.
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