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19 Nov 2024
Pine Labs Pvt, a digital payments provider in Asia supported by Peak XV Partners and Mastercard Inc., is contemplating a significant step towards a potential $1 billion initial public offering (IPO) in India, according to sources familiar with the matter.
The company aims to achieve a valuation exceeding $6 billion through this IPO, potentially offering a combination of new and existing shares.
Ahead of any listing, Pine Labs might also consider conducting a pre-IPO fundraising round, sources added.
If pursued, this IPO would mark one of the largest by an Indian fintech firm since One97 Communications Ltd., operator of Paytm, raised approximately $2.5 billion in 2021, as reported by Bloomberg data.
Pine Labs had previously submitted a confidential filing with the US Securities and Exchange Commission for an IPO in 2022.
The considerations are preliminary, and no final decisions have been reached. Details such as the exact size and valuation could undergo revisions, the sources cautioned. Both Pine Labs and Peak XV Partners declined to provide comments on the matter.
Pine Labs currently serves a broad network of over 500,000 merchants across more than 3,700 cities in India, the Middle East, and Southeast Asia.
The company specializes in providing merchants with payment solutions and various financial services, catering to enterprise clients such as Sony Group Corp., BMW AG, and Samsung Electronics Co.
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