Indian fintech firm Pine Labs is aiming for a valuation of as a lot as US$6 billion in its deliberate preliminary public providing (IPO), in response to a supply with direct information, Reuters reported.
The corporate is seeking to elevate roughly US$304 million by way of the issuance of recent shares.
Moreover, current shareholders corresponding to Peak XV, PayPal, and Mastercard plan to dump as much as 147.8 million shares, based mostly on the draft crimson herring prospectus filed with India’s market regulator.
Pine Labs, which affords point-of-sale cost programs and different merchant-focused options, was final valued at US$5 billion following a funding spherical in 2022.
The agency is focusing on a valuation within the vary of US$5 billion to US$6 billion for the IPO, the supply mentioned.
Funds from the itemizing shall be used to help worldwide growth, advance its expertise platforms, and cut back debt.
The IPO is ready to happen amid renewed international investor curiosity in Indian equities, following a sluggish begin to the 12 months for home listings.
Pine Labs reported income of 13.41 billion rupees for the monetary 12 months ended March 2024, up from 12.91 billion rupees the 12 months earlier than.
Nevertheless, web losses deepened to 1.87 billion rupees from 562 million rupees over the identical interval.
Morgan Stanley, Citi, and Jefferies are serving as bookrunners for the providing.
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Featured picture: Edited by Fintech Information Singapore, based mostly on picture by digitizesc through Freepik
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