"Pine Labs, an Indian merchant-commerce startup backed by PayPal and Mastercard, is going public this week at a valuation about 40% lower than its last private round - even as it doubles down on plans to take its fintech platform global. The Gurugram-based fintech has set a price band of ₹210-₹221 (about $2.00-$2.50) a share, valuing the company at approximately ₹254 billion (around $2.9 billion) at the upper end of the range."
"Pine Labs CEO Amrish Rau told reporters at a press briefing on Monday that investors had chosen to retain a larger portion of their shareholdings, which resulted in a smaller offer for sale. "When it came to the pricing of this IPO, we were very clear that we want to continue to garner goodwill, and we wanted to get everybody's support when we go out with this pricing for this IPO," he said."
Pine Labs set an IPO price band of ₹210-₹221 per share, valuing the company at about ₹254 billion (~$2.9 billion) at the upper end, roughly 40% below its 2022 private valuation of over $5 billion. The company reduced its primary offering by 20% to ₹20.8 billion and cut the offer for sale by 44% to 82.3 million shares. Existing investors including Peak XV Partners, Temasek, PayPal and Mastercard are selling portions of their holdings while many investors retained larger stakes, resulting in a smaller offer for sale. Founded in 1998, Pine Labs expanded from POS terminals to digital payments, bill-pay, account-aggregator transactions and acquiring services. About 70% of revenue derives from digital infrastructure and transaction services.
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