NEW DELHI, Oct 31 Reuters Big investors including Norway39;s sovereign wealth fund Norges and Fidelity have placed bids worth more than 15 billion in Swiggy39;s India IPO, 25 times the 605 million portion reserved for such investors, four sources told Reuters on Thursday.
Swiggy, a SoftBankbacked Indian food and grocery delivery giant, will next week launch its 1.35 billion IPO that will be country39;s secondbiggest stock offering this year. The bidding process is ongoing.
After a recent correction in stock markets, the company has reduced its estimated valuation from the IPO to 11.3 billion, 25 less than an earlier estimation of 15 billion.
Signalling growing interest in India39;s food delivery and quick commerce space where goods are delivered in 10 minutes the IPO anchor book reserved for big investors has already received bids worth more than 15 billion, said the sources, who declined to be named as the process is confidential.
After a recent correction in stock markets, the company has reduced its estimated valuation from the IPO to 11.3 billion, 25 less than an earlier estimation of 15 billion.
Signalling growing interest in India39;s food delivery and quick commerce space where goods are delivered in 10 minutes the IPO anchor book reserved for big investors has already received bids worth more than 15 billion, said the sources, who declined to be named as the process is confidential.
Indian companies including Swiggy, main rival Zomato and billionaire…