A food delivery company is about to test the appetite of India's roaring stock market. SoftBank Group and Prosus-backed startup Swiggy may target a valuation of up to $15 billion in its Mumbai initial public offering,

India’s red-hot market for initial public offerings is set to face is biggest supply of mega share sales after the market regulator approved proposals from Hyundai Motor India Pvt., Swiggy Ltd. and Vishal Mega Mart Pvt.

India’s IPO market is set to heat up as five major companies – Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery – received the green light from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs).

SoftBank-backed Swiggy filed papers on Thursday for an initial public offering, which a source said would be worth $1.25 billion, as the food delivery firm looks to tap a booming stock market in one of India's biggest listings this year.

Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery got approval from the capital markets regulator SEBI to go ahead with their IPO plans. According to the latest update,

Capital market regulator Securities and Exchange Board of India has given its approval to India’s biggest public issue – Hyundai India’s IPO. The capital markets regulator Sebi has cleared the IPO of Hyundai Motor along with that of food delivery major Swiggy.

By Aditya Kalra, Ashna Teresa Britto and Haripriya Suresh NEW DELHI/BENGALURU (Reuters) -SoftBank-backed Swiggy filed papers on Thursday for an initial public offering, which a source said would be worth $1.