Softbank-backed Swiggy files for $1.61b IPO in India's booming stock market

Quick Summary:

Bengaluru-based start-up is targeting a valuation of US$15 billion through the IPO, said a source.

The company plans to use proceeds from the IPO to invest in its quick commerce business, open more warehouses, repay debt and build its technology infrastructure, according to the prospectus.

The Bengaluru-based start-up is targeting a valuation of US$15 billion through the offering, said the source, who had direct knowledge of the matter.

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Article Details

Category: EconomyBusiness

Markets: SingaporeIndia

Topics: Year Offering Swiggy Billion India’s Files Rupees Softbank-backed Zomato Quick Commerce

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-27 @ 13:59:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 602 words

Reading Time: 4 minutes read

Sentences: 30 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 22747557

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