Swiggy IPO planned in 2024, investment bankers picked: Report

Food delivery major Swiggy is likely to pick seven investment banks for its planned initial public offering (IPO) in 2024, a report said on November 8, citing sources privy to the development.

The Softbank-backed firm has likely shortlisted Kotak Mahindra Capital, Citi and JP Morgan “for senior roles for the deal”, the Moneycontrol report said, citing one of the sources.

Four other i-bank –  Bofa Securities, Jefferies, ICICI Securities and Avendus Capital – are also expected to be signed as potential advisors for the much-awaited issue, another person aware of the matter told the publication.

Livemint could not independently verify the development.

Also Read: Swiggy's food delivery business turns profitable: CEO

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Swiggy, as well as the i-banks mentioned in the report, did not immediately respond to the news. 

Earlier, in August, three sources told news agency Reuters that Swiggy was firming up its IPO plans with the target to debut on the stock market in 2024. 

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The company has begun discussions with bankers to examine its valuation, the sources had claimed. This came in the aftermath of Swiggy halting its listing plans due to unfavourable market situation.

Swiggy decided to put its IPO plan back on track after observing the resurgence in Indian and global markets, the Reuters report had stated, adding that it was in talks with eight i-banks including Morgan Stanley, JP Morgan and Bank of America.

The Bengaluru-headquartered Swiggy has the second-highest market share in the food delivery segment. The company is also in the business of delivering groceries. In its last fundraise in 2022, Swiggy was valued at $10.7 billion.