Pine labs iPO: Fintech Unicorn Pine Labs has submitted a draft red hering prospectus (DRHP) near the Capital Market Regulator Sebi for its public issue. This information was given by sources related to the case to Moneycontrol. The company is trying to raise Rs 2,600 crore (about 30.4 million dollars) by releasing new shares in its IPO. At the same time, up to 14.78 crore shares will also be offered for sale from existing investors. Investors of Pine Labs also include Peepal, MasterCard, Peak XV Partners and Macritchie Investments.
The company can also consider raising up to Rs 520 crore through pre-payment before IPO. If the pre-IPO placement is successful, then the size of the new shares in the IPO will decrease. Axis Capital, Morgan Stanley, City, JP Morgan and Jefferies book running lead managers for Pine Labs IPO.
Where will the IPO money use
According to DRHP, Pine Labs will use the money received by releasing new shares in its IPO to repay the debt and invest in subsidiaries- Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE. Pine Labs has been focused on offline payments mainly through POS (Point of Sale) terminal. But now it is also expanding in other areas, such as online payments (feed), by now pay letter services, invoice management, gifting solutions etc. During the funding round in 2022, the valuation of Pine Labs was estimated at $ 5 billion. The company received approval to shift its basic India from Singapore in April this year.
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