A food delivery company is about to test the appetite of India's roaring stock market. SoftBank Group and Prosus-backed startup Swiggy may target a valuation of up to $15 billion in its Mumbai initial public offering,

Swiggy, as per its latest updated DRHP submitted to SEBI, is going for a massive ₹10,250 crore (~$1.25B), making it one of the biggest in the country. The issue includes a fresh issue component of ₹3750 crore while an OFS (offer for sale) component worth ₹6500 crore.

Swiggy’s upcoming IPO, noting strong interest due to the company's growth potential, despite potential valuation discounts compared to Zomato. He highlights Swiggy's market opportunity in food delivery and quick commerce but emphasizes that execution will be key in competing with Zomato's established dominance.

SoftBank-backed Swiggy filed papers on Thursday for an initial public offering, which a source said would be worth $1.25 billion, as the food delivery firm looks to tap a booming stock market in one of India's biggest listings this year.