The corporate had beforehand filed confidentially with the US Securities and Trade Fee for an IPO in 2022.
Preeti Singh and Baiju Kalesh
Pine Labs Pvt, an Asian digital funds supplier backed by Peak XV Companions and Mastercard Inc., is contemplating elevating about $1 billion in an preliminary public providing in India, folks acquainted with the matter mentioned, amid growing investor urge for food within the nation’s inventory market.
The corporate might search a valuation of greater than $6 billion in an IPO, the folks mentioned, asking to not be recognized as a result of the matter is personal. Pine Labs might difficulty each new and secondary shares, they mentioned. It may additionally choose to do a pre-IPO fundraising spherical forward of any itemizing, two of the folks mentioned.
At about $1 billion, an IPO of Pine Labs can be the largest by an Indian fintech agency after One97 Communications Ltd., the operator of Paytm, raised about $2.5 billion in 2021, in response to knowledge compiled by Bloomberg.
The corporate had beforehand filed confidentially with the US Securities and Trade Fee for an IPO in 2022.
About $7 billion has been raised by way of IPOs in India this 12 months, greater than triple the amount from the identical interval in 2023, in response to knowledge compiled by Bloomberg. That’s turned the nation into one of many hottest markets for share gross sales globally.
Concerns are preliminary and no closing choices have been made, the folks mentioned. Particulars akin to measurement and worth might change, they mentioned. Representatives for Pine Labs and Peak XV declined to remark.
Pine Labs serves over 500,000 retailers in additional than 3,700 cities throughout India, the Center East and Southeast Asia, in response to its web site. It gives retailers with options for funds and different monetary companies. Its enterprise clients embrace Sony Group Corp., BMW AG and Samsung Electronics Co.
First Revealed: Jun 21 2024 | 5:15 PM IST
