Swiggy IPO:  Food delivery company Swiggy Limited is preparing to launch an IPO. The SoftBank-invested company may file papers with market regulator SEBI this week for a public issue. People familiar with the matter said this will add to the strong pipeline of share sales in the country. According to the report, Swiggy may try to raise more than $1 billion through the IPO. Sources have given this information on the condition of anonymity.

Discussion is going on regarding the offer size and timing of Swiggy IPO

Sources said the Bengaluru-based company is awaiting approval from market regulator SEBI to file for an IPO. They said things like the size and timing of the offer are still under discussion and may change. However, queries to Swiggy on the matter remained unanswered till the time of writing the story.

Swiggy was started in the year 2014. According to the website, the company has partnerships with more than 150,000 restaurants for food delivery in the world's most populous country. It competes with companies such as listed company Zomato Ltd, India unit of e-commerce giant Amazon.com Inc and Tata Group's BigBasket.

Swiggy, a SoftBank Group Corp investor, will follow in the footsteps of other local and international companies seeking to take advantage of 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, according to Bloomberg data. More listings 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 biggest listings ever in India, people familiar with the matter said. LG Electronics Inc. has picked banks to fund a potential listing of its India business, hoping to raise up to $1.5 billion, Bloomberg News reported.