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Merchant payments unicorn Pine Labs to file DRHP for up to Rs 6,000 crore IPO, report says
- Pine Labs, a merchant payments and consumer lending unicorn, is set to file its DRHP with SEBI by the end of this month for a potential IPO in India.
- The firm aims to raise Rs 5,000–6,000 crore through the IPO, potentially valuing it between $4 billion and $5 billion.
- Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies are the bankers to the issue, with the IPO expected towards the end of the year.
- Pine Labs had earlier planned to list in the U.S. but shifted its strategy to India due to changing market conditions.
- The company formally shifted its domicile from Singapore to India in April and is now a public limited company preparing for the IPO.
- Pine Labs has raised approximately $1.3 billion from investors like Peak XV Partners, Temasek, PayPal, Mastercard, and others.
- Founded in 1998, Pine Labs evolved from loyalty solutions to merchant payments and expanded into online payments and consumer finance.
- In 2022, Pine Labs secured a payment aggregator license from the RBI and launched Pine Labs Online for digital payments.
- The company made acquisitions including Fave, Setu, Mosambee, and Qwikcilver to bolster its fintech offerings in consumer payments and PoS deployment.
- Pine Labs has also entered the buy-now-pay-later space, targeting online and offline retail channels.
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