Pine Labs eyes Rs 3,900 cr via IPO

New Delhi: Fintech firm Pine Labs on Monday fixed a price band of Rs 210-221 per share for its upcoming initial public offering (IPO), targeting a valuation of over Rs 25,300 crore. The company’s Rs 3,900 crore IPO will open for public subscription on November 7 and conclude on November 11.

The bidding for anchor investors will open for a day on November 6, according to its public announcement. The IPO comprises a fresh issue of shares worth Rs 2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares, valuing Rs 1,819.9 crore at the upper end, by existing shareholders.

Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm.

Proceeds from the fresh issue will be used by the company to repay debt, investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points.

The company will use funds for investment in its subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding the presence outside the country.