(Nov 3): Pine Labs Ltd, a digital payments providers, plans to raise as much as 39 billion rupees (US$439 million, or RM1.84 billion) through an initial public offering (IPO) in Mumbai, according to an advertisement.
The company, backed by Mastercard Inc and PayPal Holdings Inc, will offer shares at 210 rupees to 221 rupees apiece. Anchor investors can place bids on Nov 6, while subscriptions for other investors will run from Nov 7 to Nov 11, a separate filing published on Saturday showed. At the upper end of the price band, the company is seeking a valuation of 253.77 billion rupees.
The offering includes a fresh issue of shares worth 20.8 billion rupees and the sale of about 82.35 million shares by founder and existing investors, including Peak XV Partners, PayPal Pvt Ltd, and Mastercard Asia.
Pine Labs scaled down its IPO size from earlier plans. The company had initially sought to raise up to 26 billion rupees in new shares, with existing shareholders offering about 147.8 million shares, according to a draft prospectus filed in June.
The listing comes amid India’s accelerating digitisation drive and a busy primary market for financial technology firms.
The Noida-based company provides merchant payment solutions, including point-of-sale terminals, and operates across India, as well as in markets such as Singapore, Malaysia and the United Arab Emirates. The firm posted a loss of 1.45 billion rupees on revenue of 22.74 billion rupees for the fiscal year ended March 2025, according to its filings.
See also: Thailand plans new incentives to encourage more tech IPOs
Axis Bank Ltd, and the local units of Morgan Stanley, Citigroup Inc, JPMorgan Chase & Co, and Jefferies Financial Group Inc, are managing the share sale.
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