Fintech company Pine Labs consider $1 bn IPO in India: Report
Mumbai: Pine Labs Pvt, an Asian digital payments provider supported by Peak XV Partners and Mastercard Inc., is reportedly considering raising about $1 billion through an initial public offering (IPO) in India, media reported.
This move comes amid growing investor interest in the Indian stock market, Bloomberg reported citing sources familiar with the matter.
The company is aiming for a valuation exceeding $6 billion for the IPO, which might include both new and secondary shares, according to the Bloomberg report.
There is also the possibility of a pre-IPO fundraising round.
If successful, this IPO would be the largest by an Indian fintech firm since One97 Communications Ltd., the operator of Paytm, raised approximately $2.5 billion in 2021, said the report.
Pine Labs had previously filed confidentially with the US Securities and Exchange Commission for an IPO in 2022, the report said.
In 2024, India has seen about $7 billion raised via IPOs, more than triple the amount from the same period in 2023, making it one of the most active markets for share sales globally.
The discussions are still preliminary, and no final decisions have been made regarding the size and valuation of the IPO, the Bloomberg report said.
Pine Labs serves over 500,000 merchants across more than 3,700 cities in India, the Middle East, and Southeast Asia, providing payment solutions and other financial services.
Its enterprise clients include Sony Group Corp., BMW AG, and Samsung Electronics Co., according to its website.
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