Swiggy Targets $11.3 Billion IPO Valuation Despite Market Uncertainty

India's food and grocery delivery giant, is set to go public on November 6, aiming for an $11.3 billion valuation—a decrease from prior estimates. This IPO arrives amid mixed investor sentiment, with a grey market premium trading at a modest 5% above the price band. Swiggy aims to raise ₹11,327 crore, blending fresh equity with an offer-for-sale from key backers like Accel and Tencent. Institutional support is strong, with major investors, including Norway’s sovereign wealth fund, showing substantial interest. Despite financial losses in FY24, Swiggy’s expansion into groceries and other services is driving long-term investor confidence.