Pine Labs, a leading merchant payments and lending platform, is gearing up to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by end of this month.
The move comes as part of its plan for an initial public offering (IPO) later this year.
The Noida-based company hopes to raise ₹5,000-6,000 crore via the IPO.
Pine Labs targets $4-5B valuation in IPO
The upcoming IPO could value Pine Labs at around $4-5 billion, according to preliminary estimates. This is in line with the company’s last private valuation.
The firm has hired Axis Capital, Morgan Stanley, JP Morgan, Citi and Jefferies as bankers for the issue.
A source familiar with the matter told the Economic Times that Pine Labs is targeting an IPO toward year-end, depending on market conditions.
Firm has been preparing for listing for some time
Pine Labs, which was earlier based in Singapore, had completed its reverse flip on April 9 after getting approval from the Chandigarh bench of the National Company Law Tribunal.
For FY24, the firm reported an operating revenue of ₹1,743 crore and a loss before tax of ₹339 crore.
The company has been preparing for a listing over the past few quarters and had previously attempted a US listing in 2022.