Pine Labs, the Indian merchant-commerce startup, is set to go public with a valuation approximately 40% lower than its last private round, signaling a shift in its financial landscape. Despite this reduction, Pine Labs remains focused on expanding its fintech platform globally.
The fintech company, based in Gurugram, has priced its shares in the range of ₹210–₹221 (about $2.00–$2.50) each, valuing the firm at around ₹254 billion (roughly $2.9 billion) at the upper end of the spectrum. This valuation marks a significant decrease from its previous private valuation of over $5 billion in 2022.
Pine Labs has adjusted its primary offering to ₹20.8 billion (about $234 million), down by 20% from the initial ₹26 billion outlined in its draft prospectus earlier. Furthermore, the offer for sale has been reduced by 44% to 82.3 million shares from the originally planned 148 million shares.
Key investors, including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard, are among those divesting a portion of their stakes in the IPO. Pine Labs CEO Amrish Rau emphasized the importance of stakeholder support in setting the IPO price, highlighting the collaborative effort required for a successful offering.
Established in 1998, Pine Labs began by deploying point-of-sale terminals but has since expanded its services to encompass a wider array of payment solutions, including facilitating transactions through platforms like Amazon Pay and CRED. This strategic move to go public while recalibrating its valuation underscores Pine Labs’ determination to scale its fintech operations on a global stage.
Source: TechCrunch