Indian payments technology company Pine Labs is looking to raise as much as $700m through an initial public offering (IPO) slated for the second half of October, Bloomberg has reported.
Backed by Mastercard and PayPal Holdings, the company has initiated roadshows for the IPO, as per information from sources.
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The fundraising target was decreased from a previous goal of $1bn after some current shareholders decided to reduce the size of their stake in the offer for sale.
The IPO includes the issuance of new shares worth Rs26bn ($295m) and the sale of 147.8 million shares by the founder and investors, including Peak XV Partners, Pine Investment Holdings, and Invesco Investment Funds.
Insiders informed Bloomberg that discussions regarding the timing and size of the offering are still ongoing and may be subject to change.
Pine Labs submitted a draft prospectus to India’s securities regulator in June and has since obtained approval.
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By GlobalDataThe firm provides payment terminals and associated services within India, as well as in international markets such as Singapore, Malaysia, and the UAE.
According to its documents referenced by Bloomberg, the company reported a loss of Rs1.9bn against a revenue of Rs13.4bn for the fiscal year concluding in March 2024.
In March this year, Pine Labs and Visa launched Visa Instalment Solutions (VIS) on Pine Labs’ multi‑issuer platform, allowing merchants in Southeast Asia to offer installment payments.
The collaboration enabled merchants to provide installment payment options for both local and international transactions, eliminating the former requirement for various issuers and point-of-sale devices.
VIS is set to debut within Pine Labs’ merchant network in Singapore, Malaysia, and the Philippines.
