According to people familiar with the matter, Pine Labs Pvt, an Asian digital payments provider backed by Sequoia India and Mastercard Inc., is proceeding with preparations for a US listing and is looking to raise around $500 million.
The company has confidentially filed with the US Securities and Exchange Commission for an initial public offering in New York in the first half of this year, the people said. The listing could value Pine Labs from about $5.5 billion to $7 billion, he said, asking not to be identified because the matter is private.
Goldman Sachs Group Inc. And Morgan Stanley is the leading bank in the deal, the people said. People said ideas are ongoing and details like size and timing may still change.
A representative for Singapore-based Pine Labs did not respond to requests for comment, while representatives for Goldman Sachs and Morgan Stanley declined to comment.
Bloomberg News reported in August that Pine Labs is considering an IPO in 2022.
Led by Chief Executive Officer Amrish Rao, the company raised nearly $600 million in July from investors including Fidelity Management and Research Company and BlackRock Inc., according to a statement. The company said it was targeting a public offering within 18 months and has been operating profitable for several years – a rarity among the new crop of Indian fintechs.
The startup, which provides solutions for in-store and online payments as well as prepaid, loyalty and “pay later” programs, is valued at $3 billion, Rau said at the time.
The deal was followed by an additional $100 million in funding from the Invesco Developing Markets Fund. It also counts Temasek Holdings Pte., PayPal Holdings Inc. and Actis Capital among its other investors. India’s largest commercial bank, State Bank of India, invested $20 million in the startup earlier this month.
Pine Labs serves over 150,000 merchants in India, the Middle East and Southeast Asia. The company has expanded both organically and through acquisitions over the past year, including consumer fintech platform Fav. The digital payment gateway and commerce platform, with its core operations in India, supports payments for enterprise customers including Apple Inc., McDonald’s Corp. and Starbucks Corp.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,