Swiggy IPO valuation slashed again to $11.3 billion as weak investor sentiment rules market

Indian food delivery giant Swiggy has slashed its IPO valuation again, to $11.3 billion, 25 per cent below the initial goal of $15 billion as market volatility and the lacklustre debut of Hyundai India weigh on sentiment, two sources said on Sunday.

BlackRock and Canada Pension Plan Investment Board will invest in the $1.4 billion IPO, which will be the country’s second-biggest stock offering this year, the sources told Reuters.