Swiggy cuts valuation target for IPO to $12.5-13.5 bn due to mkt volatility

Indian food delivery giant Swiggy is internally aiming for a company valuation of $12.5 billion-13.5 billion for its upcoming IPO, cutting its target by 10-16 per cent due to market volatility, two people with direct knowledge said on Thursday.

Swiggy was earlier targeting a $15 billion valuation for its $1.4 billion November IPO which will be the country’s second biggest stock offering this year, behind Hyundai India’s debut this week.