Pine Labs Pvt, the Asian digital payment provider backed by Peak XV Partners and Mastercard Inc., is currently considering raising about $1 billion in investment funds during an initial public offering (IPO) of shares in India.
The mentioned information was released to the media with reference to insiders aware of the intentions of the specified company. In this case, it is also noted that the provider of services for making payment transactions in the virtual space has begun to consider the possibility of listing as a realistic opportunity in the short term, against the background of the fact that there is currently a high level of interest among investors in the Indian stock market.
Insiders, who spoke to media representatives anonymously, said that the company may seek a valuation of more than $6 billion during the IPO. The journalists’ informants noted that so far the relevant issue is being discussed exclusively privately and is not a topic that Pine Labs is currently ready to state publicly.
Insiders also noted that the company may issue both new and secondary shares. Moreover, according to them, there is a possibility that the digital payment provider will hold a fundraiser before listing.
The media, based on independently compiled data, report that the Pine Labs IPO worth about $ 1 billion may become the largest among Indian companies after One97 Communications Ltd., the Paytm operator, was able to raise about $2.5 billion in 2021.
It is also known that in 2022, the digital payment provider confidentially filed for listing with the United States Securities and Exchange Commission.
According to media reports, since the beginning of the current year in India, the total amount of funds received by companies as part of the IPO amounted to about $ 7 billion. It is worth noting that this indicator is almost three times higher than the result for the same period in 2023. Currently, India is one of the hottest markets for share sales globally.
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