Upcoming IPO: Pine Labs Ltd, a company specializing in digital payments in India, aims to secure up to $700 million through an initial public offering set for the latter half of October, as reported by Bloomberg.
The firm, backed by Mastercard Inc. and PayPal Holdings Inc., has commenced roadshows for the anticipated initial public offering (IPO), according to sources who preferred to remain anonymous due to the confidential nature of the information. It has downsized its target from an initially planned $1 billion after current investors reduced their share of the offer for sale, as per sources familiar with the situation, as reported by Bloomberg.
This offering arrives amid a surge in the financial technology sector driven by the government’s digitization initiatives, coinciding with an increase in listings in the primary market. It features a new issuance of shares valued at 26 billion rupees ($295 million) along with a sale of 147.8 million shares by both the founder and investors, including Peak XV Partners, Pine Investment Holdings, and Invesco Investment Funds, according to Bloomberg.
Discussions are still underway, and particulars like the timing and size of the IPO may still be subject to change, the sources indicated, as referenced in the Bloomberg report.
A spokesperson for Pine Labs did not reply to requests for comments, as mentioned by Bloomberg in its report.
The company submitted a draft prospectus to India’s market regulator on June 25 and received approval earlier this month.
Axis Bank Ltd. and the local branches of Morgan Stanley, Citigroup Inc., JPMorgan Chase & Co., and Jefferies Financial Group Inc. are providing advisory services for the IPO.
Company details
Pine Labs offers payment solutions, such as point-of-sale terminals, and operates not only in India but also in international markets including Singapore, Malaysia, and the UAE. The company recorded a loss of 1.9 billion rupees against a revenue of 13.4 billion rupees for the year ending March 2024, according to the filing cited by Bloomberg.
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