Pine Labs to file papers for ₹6,000cr IPO by June-end
What's the story
Pine Labs, a leading merchant payments and lending platform, is gearing up to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by end of this month.
The move comes as part of its plan for an initial public offering (IPO) later this year.
The Noida-based company hopes to raise ₹5,000-6,000 crore via the IPO.
Valuation details
Pine Labs targets $4-5B valuation in IPO
The upcoming IPO could value Pine Labs at around $4-5 billion, according to preliminary estimates. This is in line with the company's last private valuation.
The firm has hired Axis Capital, Morgan Stanley, JP Morgan, Citi and Jefferies as bankers for the issue.
A source familiar with the matter told the Economic Times that Pine Labs is targeting an IPO toward year-end, depending on market conditions.
Plans
Firm has been preparing for listing for some time
Pine Labs, which was earlier based in Singapore, had completed its reverse flip on April 9 after getting approval from the Chandigarh bench of the National Company Law Tribunal.
For FY24, the firm reported an operating revenue of ₹1,743 crore and a loss before tax of ₹339 crore.
The company has been preparing for a listing over the past few quarters and had previously attempted a US listing in 2022.
Profile
A look at the company
Founded in 1998, Pine Labs is one of India's largest offline merchant payment companies.
The firm has expanded its services beyond card payments to include online payments, consumer fintech, and buy-now-pay-later offerings.
This includes the acquisition of Southeast Asian fintech start-up Fave in 2021.
Over the past three years, valuation of Pine Labs has increased significantly due to successive equity infusions from international investors such as Alpha Wave and Vitruvian Partners.