Fintech
Pine Labs reportedly wants to go public at a valuation of $6 billion, almost double the size of Paytm
Pine workshops, one of Asia’s leading digital payments providers, is reportedly considering a $1 billion (around ₹8,300 crore) IPO in India. This move comes as investor interest in the Indian stock market continues to increase.
What happened: Pine Labs, who matters Partner of Peak XV AND Mastercard Inc. among its backers, is mulling an IPO that could potentially value the company at over $6 billion (about ₹49,800 crore), according to a Bloomberg report on Friday. The company is likely to issue new and secondary shares and may also consider a pre-IPO fundraising round.
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If Pine Labs goes ahead with the $1 billion IPO, it would be the largest IPO for an Indian fintech company since then One97 Communications Ltd.the parent company of Paymentwhich has raised around $2.5 billion (around ₹20,700 crore) in 2021. If it manages to list at the above-mentioned valuation, it would be almost double Paytm’s current valuation which is around $3.2 billion (around ₹26,000 crore).
So far this year, IPOs in India have raised around $7 billion (around ₹58,100 crore), more than triple the volume compared to the same period in 2023, positioning India as one of the most lucrative markets for selling shares worldwide.
However, it is important to note that these considerations are still in the early stages and no final decisions have yet been made. Specifics such as size and value may change. Representatives for Pine Labs and Peak XV declined to comment.
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