Swiggy and Hyundai Get SEBI Approval for IPOs

Swiggy has received approval from the Securities and Exchange Board of India (Sebi) for its much-anticipated initial public offering (IPO), following a confidential filing in April 2024. The company plans to raise between $1 billion to $1.25 billion, aiming for a valuation of around $15 billion, with prominent investors including sports and entertainment celebrities acquiring roughly 200,000 pre-IPO shares. Concurrently, Hyundai Motor India also received Sebi's nod for its IPO, marking the first automaker IPO in two decades since Maruti Suzuki. Hyundai's IPO, entirely an Offer-for-Sale, aims to raise $3 billion and is expected to launch in October, targeting a valuation of $20 billion. Both IPOs signify robust activity in India's capital markets, with Swiggy and Hyundai joining other major firms like NTPC Green Energy in seeking large public offerings.