Pine Labs Files Confidential IPO Worth $ 500 Million


Pine Labs, an Indian merchant platform for financing and last-mile retail transactions, has signed up for a confidential initial public offering (IPO) worth $ 500 million with the US Securities and Exchange Commission.

The listing is believed to fetch a valuation of about $5.5 billion to $7 billion and the leading banks in this deal are Goldman Sachs Group Inc., and Morgan Stanley.

Confidential IPOs are said to help companies withhold their financial information and other details from rivals for a long duration compared to the traditional S-1 filings in the US which require full details of the firm’s finances and other data points.

At the dawn of this year, State Bank of India (SBI) invested $ 20 billion in the company, while Falcon Edge was in talks to invest $ 100 million with the tidal funding round being extended to up to $ 200 million in size.

Through a way of collaboration, the company has been actively growing its presence in Southeast Asian markets

After a slew of investors including Fidelity Management & Research Co., helping the company raise up to $ 600 million, the company immediately raised $ 100 million from Invesco Markets Fund, summing up to a valuation of $ 3.5 billion.

Temasek Holdings Pte, PayPal Holdings Inc., and Actis Capital are among the company's other investors. SBI, India's largest commercial bank, invested $20 million in the business earlier this month. In India, the Middle East, and Southeast Asia, Pine Labs services nearly 150,000 merchants.

The company has grown organically as well as through acquisitions, such as consumer fintech platform Fave last year. Apple Inc., McDonald's Corp., and Starbucks Corp. are among the companies that use the digital payments gateway and commerce platform, which has its headquarters in India.

Through a way of collaboration, the company has been actively growing its presence in Southeast Asian markets.

Mastercard, as well as the acquisition of loyalty company Fave in April of last year, are two examples. This year, it intended to expand into West Asia.

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