Payments & Merchant Commerce Startup Pine Labs eyes to raise $6 billion via IPO
Pine Labs, a payments and merchant commerce startup, has hired Morgan Stanley and Goldman Sachs as consultants for its initial public offering (IPO) in the United States next year.
The e-payments company, which focuses on India and Southeast Asia, is expected to raise roughly $6 billion in the IPO, but they added that it might increase even higher.
After raising $600 million in two tranches earlier this year, the company was valued at $3.5 billion. It's also exploring a "pre-IPO" investment round, although the details haven't been worked out yet.
“They (Pine Labs) are looking to raise new money before the IPO but are not calling it pre-IPO according to the current talks,” a person aware of the matter said.
Despite the fact that talks are still in the early stages, Pine Labs is expected to raise at least $100 million, according to insiders.
“Morgan Stanley and Goldman Sachs have been mandated for the IPO. They are aiming it for next year in the US, but it might also spill over to early 2023 if the process takes longer,” sources added.
The latest development comes as India continues to see steady increase in digital payments, fueled by the Covid-19 pandemic. Paytm and Mobikwik, two consumer-focused financial businesses, have also filed draught prospectuses to go public on local exchanges later this year.
Global and domestic risk investors have flocked to the sector in India due to regulatory restrictions in China. Prosus, formerly Naspers, purchased digital payments processor BillDesk in a $4.7 billion all-cash acquisition late last month.
According to regulatory filings, Entrackr's Singapore-based parent corporation transformed to a public company in preparation for its IPO earlier this week.
Pine Labs previously raised money from Fidelity Management, as well as firms including BlackRock, Ishana, Tree Line, and IIFL AMC's late-stage innovation fund.
Existing investors include Temasek, Sequoia Capital, Actis, PayPal, and Mastercard.
Pine Labs specialises in providing software and deployment solutions for storefront Point of Sale (POS) devices.
The e-payments company, which focuses on India and Southeast Asia, is expected to raise roughly $6 billion in the IPO, but they added that it might increase even higher.
After raising $600 million in two tranches earlier this year, the company was valued at $3.5 billion. It's also exploring a "pre-IPO" investment round, although the details haven't been worked out yet.
“They (Pine Labs) are looking to raise new money before the IPO but are not calling it pre-IPO according to the current talks,” a person aware of the matter said.
Despite the fact that talks are still in the early stages, Pine Labs is expected to raise at least $100 million, according to insiders.
“Morgan Stanley and Goldman Sachs have been mandated for the IPO. They are aiming it for next year in the US, but it might also spill over to early 2023 if the process takes longer,” sources added.
The latest development comes as India continues to see steady increase in digital payments, fueled by the Covid-19 pandemic. Paytm and Mobikwik, two consumer-focused financial businesses, have also filed draught prospectuses to go public on local exchanges later this year.
Global and domestic risk investors have flocked to the sector in India due to regulatory restrictions in China. Prosus, formerly Naspers, purchased digital payments processor BillDesk in a $4.7 billion all-cash acquisition late last month.
According to regulatory filings, Entrackr's Singapore-based parent corporation transformed to a public company in preparation for its IPO earlier this week.
Pine Labs previously raised money from Fidelity Management, as well as firms including BlackRock, Ishana, Tree Line, and IIFL AMC's late-stage innovation fund.
Existing investors include Temasek, Sequoia Capital, Actis, PayPal, and Mastercard.
Pine Labs specialises in providing software and deployment solutions for storefront Point of Sale (POS) devices.
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
