Pine Labs has reportedly joined the bandwagon of tech companies that are deferring their share sale plans via initial public offering (IPO) citing rout in global markets, The Economic Times reported quoting its CEO Amrish Rau as saying.
The company will not go ahead with the planned IPO given the rout in the global markets.
“But there is no window for an IPO (right now) and there are no qualms to say that at this point. As far as we are concerned, financially Pine Labs is in a sound position and has already raised more than $1.1 billion. And we are in no hurry right now to go for an IPO,” Rau told The Economic Times.
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Pine Labs had filed for IPO worth $500 million with US Securities and Exchange Commission in January last year.
Pine Labs was last valued at $5 billion after it raised $50 million from private equity major Vitruvian Partners in May 2022.
Pine Labs has been on growth trajectory after it acquired six companies between 2021 to 2022.
The company is planning to take its gift card issuing service, its payments installment stack and services around QR code payments immediately to the US and European markets.
“This year, we will have a sales outpost in the US, and in Europe wherein we will have people actually pushing our technology in those markets,” Rau was quoted as saying by The Economic Times.
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Pine Labs is currently present in five Southeast Asian countries and recently launched its services in UAE.
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