Mumbai Pine Labs, which aims for a $6 billion Nasdaq listing, is likely to file the paperwork for its initial public offering (IPO) by the end of this month, two people told directly to the company’s plan.
The merchant commerce platform has hired investment bank Morgan Stanley to manage the proposed initial share sale and is looking to raise up to $1 billion through a mix of primary and secondary stake sales, the people named above. Requested not to print.
In September, Pine Labs raised $100 million from the Invesco Developing Markets Fund, valuing the payments company at about $3 billion.
Pine Labs is backed by PayPal, Sequoia Capital India, Temasek and MasterCard, and provides a range of services to merchants including payment terminals, invoicing tools and working capital.
“The company is currently expanding into several Asian markets,” said one of the two people. “Its investors and founders think the Nasdaq listing will be in line with its global aspirations and rapid growth over the years,” said one of the two people. .
“Pine Labs may close another pre-IPO round prior to listing and is currently in talks with a number of private equity investors,” the second person said.
Email queries sent to Pine Lab and Morgan Stanley had not been answered at press time.
Earlier this year, the company expanded its presence in Southeast Asia through a partnership with card network major and investor Mastercard.
Pine Labs’ expansion plans in Asia include expanding its presence in emerging economies such as Thailand, the Philippines, Vietnam and Indonesia.
In April, the company acquired Singapore-based loyalty cashback startup Fave for $45 million to strengthen its presence in the Singapore and Malaysian markets.
Through the Fave acquisition, Pine Labs also aims to launch the platform in India and enter the digital consumer payments business in the country.
It also had plans to take the BNPL (Buy-Now-Pay-Later) platform to Singapore and Malaysia through Fav. The company has also announced plans to expand to the Middle East soon.
Pine Labs’ solutions are used by merchants across various sectors- electronics, food and beverage, fashion, pharmacy, telecommunications and airlines.
Pine Labs enables online and offline last-mile retail transactions for over 100 brands. It was established in 1998 as Petroleum Automation Retail Solutions Company. In 2004, it entered the payment products and services for merchants market.
It currently has over 100,000 merchants in Asia, including India, and over 350,000 point-of-sale terminals in the country.
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