Pine Labs Datalabs has announced a move to raise $700 million (about Rs 6,178.5 Cr) via its initial public offering (IPO) next month.
The report further noted that Pine Labs’ existing backers decided to pull back, which led to the company trimming the size of the offer-for-sale (OFS) component.
This development comes after Pine Labs received market regulator SEBI’s nod for its public listing. The FinTech major had filed its DRHP with SEBI in June for its IPO, which will comprise a fresh issue of shares worth Rs 2,600 Cr and an OFS element of up to 14.78 Cr shares.
Existing investors including Mastercard, Peak XV Partners, Macritchie Investments, Paypal and cofounder Lokvir Kapoor are looking to offload their stakes as part of the OFS. Peak XV Partners, Temasek, and Paypal are among the top shareholders in Pine Labs.
The company intends to deploy the fresh proceeds from the IPO to repay certain borrowings, invest in IT and cloud assets, and bolster its international presence.
Founded in 1998 by Kapoor, Rajul Garg and Tarun Upadhyay, Pine Labs offers payment solutions such as point-of-sale (PoS) terminals and online payment gateways. It claims to serve over 5 Lakh merchants in India, the Middle East, and Southeast Asia.
On the financial front, Pine Labs’ net profit stood at Rs 26.1 Cr in the nine-month period ended December 2024 (9M FY25) against a loss of Rs 151.6 Cr in the year-ago period. Operating revenue surged 23 per cent year-on-year to Rs 1,208.2 Cr in the period under review.
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