Business: Food delivery and quick-commerce major Swiggy, which is coming out with its initial public offering (IPO) on Wednesday, is seeking a valuation of about USD 11.3 billion.

The Bengaluru-based company is aiming to garner ₹ 11,327 crore from the IPO, which will comprise a fresh issue of shares worth ₹ 4,499 crore along with an offer for sale (OFS) of ₹ 6,828 crore.

Swiggy has set a price band of ₹ 371 to ₹ 390 per share for its maiden public issue. The issue will open for public subscription on November 6 and conclude on November 8.

Speaking about the pricing, Swiggy Food Marketplace CEO Rohit Kapoor said, "We feel we have priced it right and we are looking forward to the next few days." The valuation of Swiggy has been pegged at about USD 11.3 billion (about ₹ 95,000 crore) at the upper price band. Rival Zomato, which went public in July 2021, has a market valuation of ₹ 2.13 lakh crore.

"Our pricing is in the range of ₹ 371-390 which corresponds to a value of about USD 11.3 billion roughly. It is not exact because it depends on where the issue actually clears at the end of the day," Kapoor told PTI in an interview.

Asked about media reports regarding slashing the valuation of Swiggy, Kapoor clarified that there has been no lowering of valuation as the real value of the company is determined when the transaction actually happens.

"This is all speculation in the media on what the value is. So the fact of the matter is, the value has not gone up or down. The value is exactly where it is supposed to be... I just want to set clearly on record that there has been no lowering of valuation per se. There was a discovery process and at the end of it, this is the price that we collectively feel very good about," he added.

The issue comes amid a series of IPOs in the recent past, including South Korean car maker Hyundai's mega ₹ 28,000-crore issue.