Bengaluru/IBNS: Major investors, including Norway’s sovereign wealth fund Norges and Fidelity, have placed bids exceeding $15 billion for Swiggy’s IPO, which is set to be launched next week, Reuters reported, citing its sources on Thursday (Oct. 31).

This amount is over 25 times the $605 million allocation earmarked for such institutional investors, according to the report.

The SoftBank-backed food and grocery delivery platform is moving forward with a $1.35 billion IPO, anticipated to be the second-largest in India this year.

Amid recent market adjustments, Swiggy has revised its expected IPO valuation to $11.3 billion, a 25 percent reduction from an earlier target of $15 billion.

Sources, who requested anonymity due to the confidential nature of the proceedings, told Reuters that the IPO's anchor book dedicated to prominent investors has already attracted bids worth more than $15 billion.

Norges Bank Investment Management, Fidelity International, and US-based Capital Group are among the primary investors, three of the sources indicated, with BlackRock and the Canada Pension Plan Investment Board also showing interest, a source was quoted by Reuters.

As India’s quick-commerce sector gains traction—where goods are delivered within 10 minutes—Swiggy’s IPO is seen as an indicator of the growing demand in this space.

Research firm Datum Intelligence projects quick commerce sales in India to reach $6 billion this year, a significant rise from $100 million in 2020, as reported by Reuters.

Indian companies are embracing this model, aiming to deliver a wide range of products faster than competitors like Amazon.