Pine Labs Pvt, an Asian fintech company supported by Peak XV Partners and Mastercard Inc., is contemplating a significant step towards an initial public offering (IPO) in India. Sources familiar with the matter revealed that Pine Labs aims to raise around $1 billion through this IPO, intending to achieve a valuation surpassing $6 billion.
IPO Details
The IPO could involve a combination of new shares and shares from existing investors. Prior to the listing, Pine Labs might also consider a pre-IPO fundraising round. However, these plans are still under discussion, and no final decisions have been reached yet.
If successful, this IPO would mark one of the largest by an Indian fintech firm since 2021, second only to Paytm’s $2.5 billion IPO. Pine Labs had previously initiated confidential filings with the US Securities and Exchange Commission for an IPO in 2022.
Rapid Growth
India’s IPO market has been thriving, with approximately $7 billion raised so far this year, a significant increase from the previous year. This surge has positioned India as a leading destination for IPOs globally.
Pine Labs’ Extensive Operations
Pine Labs operates extensively across India, the Middle East, and Southeast Asia, serving over 500,000 merchants in more than 3,700 cities. It offers a range of payment solutions and financial services to merchants, including prominent companies like Sony Group Corp., BMW AG, and Samsung Electronics Co.
While discussions are ongoing and details such as the size and valuation of the IPO may evolve, representatives from Pine Labs and Peak XV Partners have refrained from commenting on the matter.
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