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Swiggy is targeting an IPO valuation of $11.3 billion at the upper end of the price range and the principal component of the issue has been increased to around ₹4,500 crore, according to the report, which added that the combined size of the IPO could be between ₹11,700 crores to ₹11,800 billion.

The updated draft red herring prospectus – I say that the IPO has a new issuance component of ₹3,750 crore and an offer for sale (OFS) of up to 182,286,265 equity shares.

Swiggy’s main rival is Zomato and these two together form a near-duopoly in the food delivery sector. Zomato is already listed, having opted for a ₹9,375 crore IPO, with its shares recently soaring as much as 136.68 per cent in the last year, according to the report.

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When it comes to fast commerce, Swiggy’s Instamart competes with Blinkit, Zepto and Tata’s BigBasket.

However, Zomato is also looking to raise funds, but through the Qualified Institutional Placement (QIP) route.

Currently, Prosus (32%), SoftBank (8%) and Accel (6%) are the main investors in Swiggy while Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA) and Singapore’s GIC, among others . are also shareholders.

Swiggy filed its IPO documents via confidential filing on September 24, a concept that allows companies to keep the offering document private until it solidifies its IPO plan.

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