Indian food delivery platform Antics Ltd. is considering filing for its domestic initial public offering as early as this week, people familiar with the matter said, adding to a robust pipeline of share sales in the country.
From Swiggy The IPO could fetch more than $1 billion, said the people, who asked not to be identified because the information is not public. The Bengaluru-based company is awaiting approval from the Securities and Exchange Board of India, known as Sebi, to proceed with the IPO filing, the people said.
Details of the deal, such as size and timing, are still under discussion and subject to change, they said.
A Swiggy representative did not immediately respond to a request for comment.
Founded in 2014, Antics According to its website, the company partners with more than 150,000 restaurants across India to help deliver food to homes in the world’s most populous country. It competes with companies such as publicly traded Zomato Ltd., the Indian unit of e-commerce giant Amazon.com Inc. and Tata Group’s BigBasket.
Swiggy, backed by SoftBank Group Corp., is expected to follow in the footsteps of other local and international companies seeking to tap into the country’s economic growth and demand from global investors. About $7.8 billion has been raised through first-time share sales so far this year, already exceeding the gains from each of the past two years, according to data compiled by Bloomberg.
More IPOs are expected in the coming months. Hyundai Motor Co. plans to sell shares in its local Indian unit this year in what could be one of the largest-ever IPOs in India, people familiar with the matter have said. LG Electronics Inc. has picked banks for a potential listing of its Indian business that could raise as much as $1.5 billion, Bloomberg News reported.
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