Pine Labs Pvt, an Asian digital payments provider backed by Sequoia India and Mastercard Inc., is moving forward with preparations for a US listing and hopes to raise $500 million, as per sources familiar with the matter.
According to the people, the company has filed confidentially with the US Securities and Exchange Commission for an initial public offering in New York as early as the first half of this year. The listing could result in a valuation of $5.5 billion to $7 billion for Pine Labs, they said, declining to be identified because the matter is private.
Goldman Sachs Group Inc. and Morgan Stanley are the deal’s lead banks. The people said that discussions are ongoing and that details such as size and timing could still change.
A representative for Singapore-based Pine Labs did not respond to requests for comment, and Goldman Sachs and Morgan Stanley declined to comment.
According to a statement, the company, led by chief executive officer Amrish Rau, raised approximately $600 million in July from investors including Fidelity Management & Research Co. and BlackRock Inc. The company stated that it plans to go public within 18 months and that it has been operationally profitable for several years, which is unusual among the new crop of Indian fintechs.
The startup, which offers solutions for in-store and online payments as well as prepaid, loyalty and “pay later” programs, is valued at $3 billion, Rau said at the time.
Attend the “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter,” organised by the All India Council for robotics and automation and supported by the Ministry of electronics and information technology, to get a feel for the pulses of the Indian startup ecosystem in person.
The event is set to take place on February 17th and 18th, 2022, and will be the largest tech startup event of the year. The event brings together the best entrepreneurs, innovators, venture capitalists, government department officials, business model creators, consultants, policy-makers, academia, support groups, business coaches, and business practitioners.
The Platform helps startups to ramp up their innovative ideas and show off their services and products to attract investors. The experts of the industry will address and discuss all the innovations happening around the startup environment that youth empowerment and new-age tech business ideas can grow.
Click to know more about India’s biggest tech startup event: IndiaFirst Tech Start up | AICRA