Pine Labs files for a ‘confidential’ US IPO to raise up to $500 million

Bengaluru: Pine Labs, an digital funds and monetary companies supplier, has filed for a ‘confidential’ preliminary public providing (IPO) value $500 million with the US Securities and Change Fee, two individuals near the event confirmed to ET on Monday.

The corporate, which is anticipated to make its market debut later this 12 months on the US exchanges, might look to

search a valuation between $6 billion and $7 billion, one in all them stated. Nevertheless, the ultimate particulars on the scale

of the IPO and valuation are nonetheless to be finalised, one of many individuals cited above stated.

Pine Labs CEO Amrish Rau declined to touch upon the matter.

A confidential IPO helps an organization to withhold its monetary data and different particulars from rivals for a comparatively longer time frame in comparison with the standard S-1 filings within the US the place one has to present the complete

image of the agency’s funds and different knowledge factors.

Earlier this month, Pine Labs stated India’s largest lender State Financial institution of India
had invested $20 million within the firm, with out disclosing additional particulars. ET had final month reported that Falcon Edge
was in talks to invest at least $100 million in Pine Labs and that the full funding spherical might get prolonged to as much as $200 million in measurement. In September, the corporate
had raised $100 million from US-based Invesco Creating Markets Fund, simply months after it raised $600 million throughout two tranches from a slew of public market traders, together with Constancy Administration & Analysis Co. and BlackRock Inc.

Pine Labs’ valuation on the time was $3.5 billion.

Bloomberg
was the first to report on the corporate’s IPO submitting on Monday afternoon.

Final 12 months, ET was the primary to report that Wall Road bankers Morgan Stanley and Goldman Sachs
havebeen appointed as lead bookrunning managers for the IPO.

Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst others. The Noida-based agency is likely one of the highest valued fintech startups within the nation after One97 Communications

Ltd.-owned Paytm that not too long ago went public, digital funds main PhonePe, and merchant-focused fintech Razorpay.

The corporate has been actively strengthening its play within the Southeast Asian markets by way of a partnership

with Mastercard in addition to by way of the acquisition of loyalty startup Fave in April final 12 months. It had plans to increase to West Asia this 12 months.

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