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Swiggy’s public debut will test India’s appetite for $1B+ IPOs
Swiggy's upcoming IPO on Wednesday will finally give many analysts a public comparable for what has been long considered to be the Indian internet stock: Swiggy's listing will test whether the Indian market is ready for $1 billion-plus IPOs.
Still, it will enter a public market where large tech companies’ stocks have struggled historically — three years since its$2.5 billion offering, Paytm is still trading 47% below its IPO price. And what makes the offer even more attractive to investors is that Swiggy is among the dozen firms attempting to disrupt the $1.1 billion Indian retail market that is still dominated by millions of mom-and-pop stores. Quick-commerce firms such as Instamart, Zomato-owned BlinkIt, Zepto, BigBasket, and Minutes are changing consumer behavior in urban Indian cities, home to about 80 million people.
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