Pine Labs Pvt Ltd, an Asian digital payments provider, is planning to raise about $1 billion through an initial public offering (IPO) in India. The company is backed by prominent investors such as Peak XV Partners and Mastercard Inc. and this move comes amidst growing investor interest in the Indian stock market, according to a Bloomberg report. Here’s everything you need to know about Pine Labs’ potential IPO.
Pine Labs aims to raise about $1 billion through the IPO and is seeking a valuation exceeding $6 billion. The IPO is set to be one of the largest for an Indian fintech company, second only to One 97 Communications Ltd., the company that owns the brand Paytm, which raised around $2.5 billion in 2021.
The significant funds raised will likely fuel further expansion and innovation in their digital payment solutions.
Pine Labs may include both new shares and secondary shares in its IPO. There is also a possibility of a pre-IPO fundraising round before the official listing. Pine Labs had previously filed confidentially with the US Securities and Exchange Commission for an IPO in 2022.
However, for the current plan, the discussions are still in the preliminary stages, and no final decisions have been made, according to the Bloomberg report. Details like the IPO size and valuation can be changed.
In 2024, around $7 billion has been raised via IPOs in India, a significant increase (more than triple the volume) from the same period in 2023. India has emerged as one of the hottest markets for IPOs globally, attracting substantial investor interest.
Pine Labs provides digital payment solutions and financial services to over 5,00,000 merchants across 3,700+ cities in India, the Middle East, and Southeast Asia. Notable enterprise customers include Sony Group Corp., BMW AG, and Samsung Electronics Co.