Pine Labs, an India-based digital payments company, is planning to raise up to US$700 million in an IPO targeted for the second half of October, according to sources cited by Bloomberg.

The company, which counts Mastercard and PayPal as investors, has started roadshows for the share sale.

Pine Labs reduced its fundraising target from US$1 billion after existing investors decreased the size of their offer-for-sale, the sources said.

The planned IPO includes a new issue of shares worth 26 billion rupees (US$295 million) and the sale of 147.8 million shares by the founder and investors such as Peak XV Partners, Pine Investment Holdings, and Invesco Investment Funds.

Pine Labs offers payment solutions and operates in India, Singapore, Malaysia, and the United Arab Emirates.

It reported a loss of 1.9 billion rupees (US$22.9 million) on revenue of 13.4 billion rupees (US$161.4 million) for the year ended March 2024.

Axis Bank Ltd. and the local units of Morgan Stanley, Citigroup, JP Morgan, and Jefferies are advising on the IPO.

Details may change as deliberations are ongoing.

🔗 Source: Bloomberg

Recent Pine Labs developments