Fintech Unicorn Pine Labs eyes $500 million in US IPO
- ByTejika Bajaj | January 11, 2022
The fintech unicorn Pine Labs is all geared up for a public listing on the US stock exchange and further seeks to raise $500 million through its IPO debut in the market. The startup has filed its draft papers confidentially with the US Securities and Exchange Commission for an Initial Public Offer in the first half of the year.
The public listing could give the unicorn a post money valuation ranging from$5.5 billion to $7 billion. Goldman Sachs and Morgan Stanley would be acting as the lead facilitators and advisers for this deal.
It is however noteworthy to observe that the consideration, time and size of the listing could change as the details haven’t been locked in yet. The officials close to the development have revealed that the reason for confidentially drafting papers would give Pine Labs the advantage of not having to set a date for the listing and also enable the startup to abort the IPO listing all together.
Steered by Amrish Rau, the fintech giant raised a sum of $600 million from multiple investors including Fidelity Management & Research Co along with BlackRock Inc. The startup further revealed in a statement in December that it intended to target an IPO within the next 18 months to raise $1 billion. It is interesting to note that the startup is among the few fintech platforms to be profitable.
Currently the fintech platform serves more than 150,000 merchants across India, Middle East and Southeast Asia. Further, the platform has registered massive growth both organically as well as inorganically through acquisitions including the recent one of Fave. The startup provides support payments for arious enterprise customers including McDonald’s, Apple and Starbucks.
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