SoftBank-Backed Swiggy Files for Initial Share Sale in India [Yahoo! Finance]
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Source: Yahoo! Finance
(Bloomberg) -- Indian food-delivery platform Swiggy Ltd. filed documents for an initial public offering in a share sale that is expected to be one of the nation's biggest this year. Most Read from Bloomberg Swiggy plans to sell 37.5 billion rupees ($448 million) of new shares, while its shareholders including funds affiliated to Naspers Ltd. and Norwest Venture Partners will sell as many as 185.3 million shares, according to its updated draft red herring prospectus. SoftBank Group Corp. is among the key backers of the firm. Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food in the world's most populous nation, according to its website. It competes with companies including Zomato Ltd., e-commerce giant Amazon.com Inc.'s India unit and conglomerate Tata Group's BigBasket. “Demand for Swiggy will be based on its valuation,” said Karan Taurani, an analyst at Elara Securities (India) Pvt. “If the shares are priced at a fair discou
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