US investor Invesco raises fair value of Swiggy, reduces valuation of Pine Labs
Invesco increased the fair value of public markets-bound online food delivery company Swiggy in its books to $13.3 billion as of July 31, according to a regulatory filing made with the US Securities and Exchange Commission. At the same time, the investor reduced the valuation of fintech firm Pine Labs to $3.3 billion.
The valuation ascribed to Swiggy by Invesco was 24% higher than the $10.7 billion value at which the asset management firm invested in the company in January 2022. As of April 30, Invesco valued Swiggy at $12.7 billion.
Invesco is not participating in the offer for sale (OFS) component of Swiggy’s upcoming initial public offering (IPO). The Bengaluru-based company has filed an updated red herring prospectus for its public issue through which it is looking to raise Rs 3,750 crore in fresh capital and OFS of up to 185.3 million shares.
Crossover funds, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. The fair value is ascertained on the basis of a number of factors, including the stock market performance of comparable peers.
Swiggy’s listed rival Zomato has been witnessing an upswing in its market capitalisation, which has nearly tripled in the past one year to $30 billion.
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