Reported about 1 month ago
Indian food delivery giant Swiggy has reduced its IPO valuation to $11.3 billion, down 25% from its initial target of $15 billion, influenced by market fluctuations and disappointing stock launches like Hyundai India. BlackRock and the Canada Pension Plan Investment Board will participate in Swiggy's upcoming $1.4 billion IPO, marking it as the second-largest stock offering in India this year. The decision to cut the IPO valuation comes as Swiggy aims to avoid a lukewarm market reaction amid uncertainties, particularly with the upcoming U.S. presidential election.
Source: YAHOO