Fintech major Pine Labs planning to float $1-bn IPO in India: Report
Fintech major Pine Labs planning to float $1-bn IPO in India: Report
Peak XV Partners and Mastercard Inc. fintech major Pine Labs Pvt is planning to raise a whopping $1 billion in an initial public offering (IPO) in India. The Asian digital payments provider may opt for a pre-IPO funding round before the IPO, a report in Bloomberg said, adding that the size and valuations may change as no final decision has been taken yet.
At about $1 billion, the IPO of Pine Labs would be the biggest by an Indian fintech firm after One97 Communications Ltd., Paytm's operator. It raised about $2.5 billion in 2021, the Bloomberg report stated.
The company may seek a valuation of more than $6 billion in an IPO, sources quoted in the report said. Pine Labs may issue both new and secondary shares and could also opt to do a pre-IPO fundraising round ahead of any listing.
Pine Labs caters to 500,000+ merchants in 3,700+ cities in India, the Middle East, and Southeast Asia. They offer payment and financial services solutions to clients like Sony Group Corp., BMW AG, and Samsung Electronics Co.
On June 20, Ola Electric received market regulator Securities and Exchange Board of India’s (Sebi) nod to get listed on the country’s public bourses. The EV maker had filed its draft red herring prospectus (DRHP) with Sebi on December 22, proposing to raise up to Rs 5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares.
Ola Electric will be the first EV startup in India to go public, marking one of the largest new-age IPOs this year. FirstCry and Swiggy are also waiting for Sebi's approval for their IPOs, while Awfis and Ixigo have recently gone public.
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