Pine Labs To File IPO Draft Papers By Mid February: Report

Pine Labs To File IPO Draft Papers By Mid February: Report

SUMMARY

According to a report by Moneycontrol, citing sources close to the matter, after completing all the formalities to shift its base to India, Pine Labs wants to get listed on the bourses at the earliest

In August last year, the company received initial set of approvals from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary

In November, the Delhi-NCR-based startup reportedly picked five investment banks as advisors for its $1 Bn (around INR 8,424.7 Cr) initial public offering (IPO)

Fintech major Pine Labs is reportedly gearing up to file its draft papers for an initial public offering by the middle of next month.

According to a report by Moneycontrol, citing sources close to the matter, after completing all the formalities to shift its base to India, the company wants to get listed on the bourses at the earliest.

In August last year, the company received initial set of approvals from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary.

In November, the Delhi-NCR-based startup reportedly picked five investment banks as advisors for its $1 Bn (around INR 8,424.7 Cr) initial public offering (IPO). Reportedly the company is seeking a valuation of about $6 Bn.

These banks included Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies.

Inc42 has reached out to Pine Labs for comments, the story will be updated as we receive any response.

Also the company may opt for a pre-IPO funding round before it which may lead to the change in size and valuations as no final decision has been taken yet.

Interestingly this is the company’s second attempt to get listed on the stock exchange. Back in 2022, it filed IPO documents with the US Securities and Exchange Commission for a $500 Mn public issue. However, it deferred the IPO plans due to weak market sentiments.

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers digital payment solutions such as point of sales (PoS) devices and payment systems to merchants. It also offers other solutions like pay later and rewards and cashback to businesses.

US-based fund manager Invesco, who is also an investor in Pine Labs marked down its valuation by 8.5% to $3.5 Bn at the end of April 2024 from $3.8 Bn in January 2024.

According to Inc42’s research, about more than 18 startups are gearing up to get listed on the  Indian stock exchanges which includes the likes of Flipkart, PhysicsWallah, Ather Energy and Zepto among others.

Today (on January 27), the board  logistics major shiprocket passed a resolution to convert the startup into a public company from a private one as it aims to list in the next fiscal year. Last week, IPO-bound Infra.Market raised INR 1,050 Cr in its pre-IPO round at a valuation of about $2.8 Bn. Even Capillary Technologies has restarted the preparations for its IPO and is likely to file the draft papers for a $200 Mn (INR 1,700 Cr) public offering by June this year.

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