The Critical Five: Interpreting Swiggy's Path To Becoming A Blockbuster $1.2 billion public offering

Numerous media reports state that Swiggy is considering a pre-IPO transaction and is selling shares to a range of high-net-worth individuals (HNIs) at a 20% or even steeper discount to the company's previous valuation. This is true even if Baron Capital and Invesco raised Swiggy's valuation after expressing optimism about the company. Swiggy's valuation was increased by 19% to $12.7 billion last month by US-based fund management Invesco, from its previous markup in October 2023. Nevertheless, the Gurugram-based rival Zomato's remarkable run on the bourses, its consecutive profitable quarters, and a bullish outlook from brokerages have intensified pressure on the Bengaluru-based foodtech major before to its stock market debut. During the period when Swiggy has chosen to file its IPO documents in secret,