courtesy: asia tech daily
Pine Labs Pvt, an Asian digital payments provider backed by Peak XV Partners and Mastercard Inc., is considering raising about $1 billion in an initial public offering in India, people familiar with the matter said, amid increasing investor appetite in the nation’s stock market.
The company might seek a valuation of more than $6 billion in an IPO, the people said, asking not to be identified because the matter is private. As per the reports, the company might issue both new and secondary shares. It might also opt to do a pre-IPO fundraising round ahead of any listing, as per reports by moneycontrol.
At about $1 billion, an IPO of Pine Labs would be the biggest by an Indian fintech firm after One97 Communications Ltd, the operator of Paytm, which raised about $2.5 billion in 2021, as per Bloomberg.
In 2022, the company had filed for a confidentiality with US Securities and Exchanges Commission for its IPO.
