In the first half of 2024, UAE foreign trade reached a historic milestone, surpassing Dh1.395 trillion
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Indian food delivery giant Swiggy will likely price its $1.35 billion domestic initial public offering, which opens next week, at 371-390 rupees per share ($4.41-$4.64), sources with direct knowledge of the matter told Reuters.
The IPO will open for subscription from November 6 to 8, the company's red herring prospectus dated Monday showed. Anchor investors will bid for shares on Nov. 5.
Swiggy is expected to list its shares on November 13.
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.
The food and grocery delivery firm, which competes with listed rival Zomato, will sell new shares worth 44.99 billion rupees ($535.14 million), more than the 37.5 billion rupees originally planned.
Existing shareholders including Prosus and Tencent are selling a total of 175.1 million shares.
Swiggy has in recent weeks cut its internal valuation goal twice by a combined 25 per cent due to volatility in Indian stock markets. It was initially looking at a valuation of as much as $15 billion, but following those cuts, it is now targeting $11.3 billion.
Swiggy did not respond to a Reuters request for comment.
India's benchmark Nifty 50 index is now down more than 8 per cent from record highs hit on September 27 due to persistent foreign selling.
Despite recent jitters, India's IPO market has been buoyant, with around 270 companies raising $12.57 billion so far this year, well above the $7.4 billion raised in all of 2023, LSEG data showed.
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