Swiggy is seeking a valuation of up to $11.3 billion in its IPO, representing a significant discount to rival Zomato's market cap, which stands at $26.2 billion.
Despite aiming to raise $1.34 billion with its IPO, Swiggy's valuation represents a modest premium to its prior private market value of $10.7 billion.
Once a leader in India's food delivery sector, Swiggy has seen a decline in market share, now ranking third in quick commerce behind Zomato's BlinkIt and Instamart.
The IPO price band of ₹371 to ₹390 per share highlights Swiggy's cautious approach amidst a competitive landscape, contrasting sharply with the robust funding activity seen with Zomato.
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