Swiggy IPO gets $15 billion bids from Norway’s wealth fund, fidelity

NEW DELHI: Big investors including Norway‘s sovereign wealth fund Norges and Fidelity have placed bids worth more than $15 billion in Swiggy’s India IPO, 25 times the $605-million portion reserved for such investors, four sources told Reuters on Thursday.
Swiggy, a SoftBank-backed food and grocery delivery giant, will next week launch its $1.4-billion IPO that will be country’s second-biggest 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 India’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.
Top investors include Norway’s sovereign wealth fund Norges Bank Investment Management, Fidelity and US-based Capital Group, said three of the sources. None of the investors or Swiggy immediately responded to a request for comment.