Swiggy and PayU to Conduct IPOs in 2024
Food delivery giant Swiggy and fintech major PayU are gearing up for their much-anticipated IPOs in 2024. The two companies have been meeting with investment banks to finalize their advisors and plans for the IPOs.
Swiggy is targeting a valuation of around $10 billion for its IPO, while PayU is looking for a valuation of $6 billion to $6.5 billion. Both companies are expected to file confidential DRHPs (draft red herring prospectuses) with SEBI in March 2024.
Swiggy’s IPO will be the biggest in India since Paytm’s IPO in 2021. The company has been growing rapidly in recent years, and its food delivery business turned profitable in the March quarter of FY23. Swiggy is also expanding into new areas such as quick commerce and grocery delivery.
PayU is also a fast-growing company. Its India unit reported revenue of $400 million in FY23, and its credit business grew by 112%. PayU is also expanding into new areas such as neobanking and insurance.
The IPOs of Swiggy and PayU are expected to be well-received by investors. Both companies are leaders in their respective sectors, and they have strong growth prospects. The IPOs will also be a test of investor sentiment towards Indian tech startups.
Here are some of the key takeaways from the article:
- Swiggy and PayU are planning to conduct IPOs in 2024.
- Swiggy is targeting a valuation of around $10 billion, while PayU is looking for a valuation of $6 billion to $6.5 billion.
- Both companies are expected to file confidential DRHPs with SEBI in March 2024.
- Swiggy’s IPO will be the biggest in India since Paytm’s IPO in 2021.
- PayU is also a fast-growing company with strong growth prospects.
- The IPOs of Swiggy and PayU are expected to be well-received by investors.
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