<p>Swiggy, the online food ordering and delivery company, will be valued as high as Rs 87,430 crore at upper end of IPO price band as per a term sheet. </p><p><a href="https://www.deccanherald.com/tags/swiggy">Swiggy</a> will likely price its $1.35 billion (Rs 11,350 crore) domestic initial public offering, which opens next week, at Rs 371-390 per share, sources with direct knowledge of the matter told <em>Reuters</em>.</p><p>The IPO will open for subscription from November 6 to November 8, the company's red herring prospectus dated Monday showed. Anchor investors will bid for shares on November 5.</p><p>Swiggy is expected to list its shares on November 13.</p><p>The share sale will be the country's second-biggest stock offering this year, behind Hyundai Motor India's $3.3 billion IPO earlier this month, which had seen subdued interest from retail investors.</p><p>The food and grocery delivery firm, which competes with listed rival Zomato, will sell new shares worth Rs 4,499 crores ($535.14 million), more than the Rs 3,750 crore originally planned.</p><p>Existing shareholders including Prosus and Tencent are selling a total of 175.1 million shares.</p><p>Swiggy has in recent weeks cut its internal valuation goal twice by a combined 25 per cent due to volatility in the Indian stock markets. It was initially looking at a valuation of as much as $15 billion (Rs 1.26 lakh crore), but following those cuts, it is now targeting $11.3 billion (Rs 95,000 crore).</p>
<p>Swiggy, the online food ordering and delivery company, will be valued as high as Rs 87,430 crore at upper end of IPO price band as per a term sheet. </p><p><a href="https://www.deccanherald.com/tags/swiggy">Swiggy</a> will likely price its $1.35 billion (Rs 11,350 crore) domestic initial public offering, which opens next week, at Rs 371-390 per share, sources with direct knowledge of the matter told <em>Reuters</em>.</p><p>The IPO will open for subscription from November 6 to November 8, the company's red herring prospectus dated Monday showed. Anchor investors will bid for shares on November 5.</p><p>Swiggy is expected to list its shares on November 13.</p><p>The share sale will be the country's second-biggest stock offering this year, behind Hyundai Motor India's $3.3 billion IPO earlier this month, which had seen subdued interest from retail investors.</p><p>The food and grocery delivery firm, which competes with listed rival Zomato, will sell new shares worth Rs 4,499 crores ($535.14 million), more than the Rs 3,750 crore originally planned.</p><p>Existing shareholders including Prosus and Tencent are selling a total of 175.1 million shares.</p><p>Swiggy has in recent weeks cut its internal valuation goal twice by a combined 25 per cent due to volatility in the Indian stock markets. It was initially looking at a valuation of as much as $15 billion (Rs 1.26 lakh crore), but following those cuts, it is now targeting $11.3 billion (Rs 95,000 crore).</p>