SoftBank-backed Swiggy said to monitor India’s IPO filings this week

Indian food-delivery platform Swiggy Ltd plans to file publicly for its domestic initial public offering as soon as this week, people familiar with the matter said, adding to a strong pipeline of share sales in the country.

Swiggy’s IPO could seek to raise more than $1 billion, the people said, asking not to be identified because the information is not public. The Bengaluru-based company is awaiting approval from India’s Securities and Exchange Board of India, known as Sebi, to go ahead with the IPO filing, the people said.

Details of the offer such as size and timing are still under discussion and subject to change, they said.

A representative for Swiggy did not immediately respond to a request seeking comment.

Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food to the world’s most populous nation, according to its website. It owns public-listed Zomato Ltd., e-commerce giant Amazon.com Inc. competes with companies including India unit and Tata Group’s BigBasket.

SoftBank Group Corp. Backed by Swiggy, it will follow in the footsteps of other local and international companies looking to tap into the country’s economic growth and demand from global investors. According to data compiled by Bloomberg, about $7.8 billion has been raised through initial share sales so far this year, surpassing the proceeds of each of the past two years.

More listings are expected in the coming months. Hyundai Motor Co. It is planning 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. It has shortlisted banks for a potential listing of its Indian business that could raise as much as $1.5 billion, Bloomberg News reported.