Pine Labs will open its 2,080 crore rupee (US$234.3 million) IPO on November 7, according to its latest red herring prospectus.

The Bengaluru-based fintech firm will keep the subscription window open until November 11, with the anchor book launching on November 6.

The IPO includes a new equity issue worth 2,080 crore rupee (US$234.3 million) and an offer-for-sale of 82.35 million shares by existing investors such as Peak XV Partners, Actis, PayPal, Mastercard Asia-Pacific, Temasek, Invesco, Madison India Capital, and co-founder Lokvir Kapoor.

Retail investors will be allocated 10% of the issue.

Proceeds from the fresh issue will be used for debt repayment, technology and cloud infrastructure, digital checkout device procurement, product development, and overseas funding in Singapore, Malaysia, and the UAE.

The offer is smaller than Pine Labs’ earlier plan in June, which proposed a 2,600 crore rupee (US$304 million) new issue and an offer-for-sale of up to 147.8 million shares.

Book-running lead managers include Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India.

🔗 Source: YourStory

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