IPO Watch: Fintech Firm Pine Labs Files Draft Papers With SEBI to Raise Funds Via IPO: Report

Indian Fintech Firm Pine Labs Has Filed for An Initial Public Offering, Draft Papers Showed on Thursday, with the company set to issue Fresh Shares Worth 26 Billion Rupees ($ 304 Million).

Pine Labs offers full stack payment solutions including point-off-mobile machines to merchants for card payments and competes with paytm and walmartes.

Existing Backers, which include peak xv, paypal and mastercard, are sold up to 147.8 million shares in the IPO.

Proceeds from the fresh shares issued will be used for investment in Overseas units to expand the firm’s presence beyond India, develop technology and pare down borrowings, draft papers.

Morgan Stanley, Citi and Jeferies are among the book running lead managers of the offering.

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