PayPal-backed Pine Labs Targets $439M IPO in Mumbai
Pine Labs, a leading point-of-sale solutions provider backed by PayPal and Mastercard, is moving forward with its $439 million IPO on the Mumbai stock exchange. The company has set a price band of $2.39 to $2.51 per share, aiming for a post-issue valuation of $2.89 billion. Originally planning to raise $290 million, Pine Labs adjusted its offering size to expedite the listing process.
The IPO includes a fresh issue worth $234 million and a secondary sale by existing investors. Anchor bidding will open November 6-7, with public subscriptions starting November 11. Major underwriters include Axis Bank, Morgan Stanley, and JPMorgan Chase.
With operations spanning India, Singapore, Malaysia, and the UAE, Pine Labs reports growing profitability as merchant adoption of its fintech solutions accelerates. The company processes payments through thousands of POS terminals and digital checkout systems across Asia.
