Swiggy, the Indian food delivery company backed by Softbank, has reportedly revived its plans for an initial public offering (IPO) and is targeting a listing in 2024, according to sources familiar with the matter. The company had temporarily halted its IPO preparations due to challenging market conditions, but the recovery in global and Indian markets has prompted Swiggy to resume its plans. The IPO is expected to take place between July and September 2024. Swiggy has initiated discussions with investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to assess its valuation and collaborate on the IPO. The company uses its last funding round valuation of $10.7 billion as a reference point for its IPO strategy. Still, final decisions on stake sale and valuation are yet to be made. The move comes as Swiggy’s rival, Zomato, has seen positive market sentiment and a rise in its shares. Swiggy aims to tap into the renewed investor confidence and capitalize on the recovery in market conditions.
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