Mastercard-backed fintech firm Pine Labs weighs $1 bn IPO in India | News on Markets

The company had previously filed confidentially with the US Securities and Exchange Commission for an IPO in 2022.


Preeti Singh and Baiju Kalesh




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 may seek a valuation of more than $6 billion in an IPO, the people said, asking not to be identified because the matter is private. Pine Labs may issue both new and secondary shares, they said. It could also opt to do a pre-IPO fundraising round ahead of any listing, two of the people said.

 


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, raised about $2.5 billion in 2021, according to data compiled by Bloomberg.

 


The company had previously filed confidentially with the US Securities and Exchange Commission for an IPO in 2022.

 


About $7 billion has been raised via IPOs in India this year, more than triple the volume from the same period in 2023, according to data compiled by Bloomberg. That’s turned the country into one of the hottest markets for share sales globally.

 


Considerations are preliminary and no final decisions have been made, the people said. Details such as size and value may change, they said. Representatives for Pine Labs and Peak XV declined to comment.

 


Pine Labs serves over 500,000 merchants in more than 3,700 cities across India, the Middle East and Southeast Asia, according to its website. It provides merchants with solutions for payments and other financial services. Its enterprise customers include Sony Group Corp., BMW AG and Samsung Electronics Co.

First Published: Jun 21 2024 | 5:15 PM IST

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