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Highlights:
- Amrish Rau is the chief executive officer (CEO) of Pine Labs, and the company had raised approximately US$ 600 million in funding in July 2021.
- Pine Labs could seek a valuation between US$ 5.5 to US$ 7 billion at the time of initial public offering (IPO).
- Last week, the State Bank of India invested US$ 20 million in Pine Labs.
India-based Pine Labs has filed for a confidential initial public offering (IPO) in the United States. It will reportedly begin preparing for submitting documents to the regulatory authorities.
According to published reports, Pine Labs could raise US$ 500 million in gross proceeds, and it could go public in the first half of this year.
The IPO announcement came on Monday, January 10, and has left the investors wondering about Pine Labs and its upcoming stock.
On that note, here are seven things every interested investor must know about Pine Labs:
Pine Labs IPO: Key details
It is a merchant-centric financial technology (fintech) company. Pine Labs enables merchants to accept multiple modes of payments, and it claims to be contributing to the future of merchant commerce in Asia.
Pine Labs has confidentially filed for an IPO with the Securities and Exchange Commission, and if it receives approval, the company could value at around US$ 5.5 to US$ 7 billion.
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Mastercard Inc. and Sequoia India back the digital payments provider. Meanwhile, Morgan Stanley and Goldman Sachs Group Inc. are reportedly the lead banks for the public debut.
Amrish Rau is the chief executive officer (CEO) of Pine Labs, and the company had raised approximately US$ 600 million in funding in July 2021. The company's backers include BlackRock Inc. and Fidelity Management.
Last week, the State Bank of India invested US$ 20 million in the private company.
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Pine Labs reportedly caters to the need of 150,000 merchants in India, Southeast Asia, and the Middle East. The company's customers include top companies like Starbucks Corp., McDonald's and Apple Inc.
Bottom line
Private companies often opt for a confidential IPO as it gives them the flexibility of not announcing a date for the public debut or even withdrawing IPO plans.
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An Allied Market Research report predicts that the global fintech market is estimated to grow in future. Between 2020 to 2030, the market will likely reach US$ 698.48 billion from US$ 110.57 billion.
During the mentioned period, the fintech market will register a compound annual growth rate (CAGR) of 20.3 per cent.
