Both new and secondary shares might be issued by the company. Ahead of the listing, the company could also reportedly go for a pre-fundraising round.
Fintech firm Pine Labs might raise $1 billion in an initial public offering in India, as per a report by Bloomberg. The firm, backed by Peak XV Partners and Mastercard Inc., might be seeking a valuation of more than $6 billion in the IPO, according to the report.
Both new and secondary shares might be issued by the company. Ahead of the listing, the company could also reportedly go for a pre-fundraising round. Based on data provided by Bloomberg, Pine Labs' IPO, which is expected to raise over $1 billion, will make it the largest by an Indian fintech company since One97 Communications Ltd. The Paytm operator raised approximately $2.5 billion in 2021.
Previously, the fintech firm had filed for an IPO in 2022 with the US Securities and Exchange Commission. However, as of now, all the considerations are preliminary, and no final decision has been made so far.
The size and value of the IPO are not yet decided, according to the report. Bloomberg’s data also shows that over $7 billion has been raised through initial public offerings (IPOs) in India this year, which is more than quadruple the volume from the same period in 2023.
Founded in 1998, PineLabs is “a merchant platform empowering any business to accept multiple modes of payment and get in-depth customer insights.” As per the company website, Pine Labs states that it provides services to more than 500,000 retailers in more than 3,700 cities in Southeast Asia, the Middle East, and India.
Recently, PineLabs also got approval from the Singapore court to shift its domicile from Singapore to India. The company recently got approval from a Singapore court to merge its Singapore and India entities. Pine Labs aims to raise its operational efficiency and resource allocation with the shift in domicile. Other companies that have shifted their domiciles back to India include Groww and PhonePe.