Fintech firm Pine Labs files for India IPO
June 26 (Reuters) - Indian fintech firm Pine Labs (PINL.NS), opens new tab 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-of-sale machines to merchants for card payments and competes with Paytm (PAYT.NS), opens new tab and Walmart's (WMT.N), opens new tab PhonePe.
Existing backers, which include Peak XV, Paypal (PYPL.O), opens new tab and Mastercard (MA.N), opens new tab, are selling up to 147.8 million shares in the IPO.
Proceeds from the fresh shares issued will be used for investing in overseas units to expand the firm's presence beyond India, develop technology and pare down borrowings, draft papers showed.
Morgan Stanley, Citi and Jefferies are among the book running lead managers of the offering.
($1 = 85.6150 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
43 minutes ago
- The Sun
Cristiano Ronaldo's mega new Al-Nassr contract revealed with £492m over two years, stake in team and £24.5m just to sign
CRISTIANO RONALDO can earn a staggering £500MILLION over two years after signing the most lucrative contract in sport history. The Portuguese legend, 40, has landed a pay rise to keep him at Al-Nassr until the age of 42 - on a basic salary of £488,000-a-DAY. 3 3 SunSport can reveal the former Manchester United ace has also been offered a host of perks to become a 'dream ambassador' for the cash-rich Saudis. On top of his £178m-a-year wages, Ronny is banking a £24.5m signing bonus - which will increase to £38m if he triggers the second year of his contract. An insider at the Saudi Pro League has also told us he will be given a 15 per cent ownership stake in the club, worth £33million. With bonuses of £4m for winning the golden boot and £8m if Al-Nassr win the title, he can bank over half a BILLION pounds before his deal ends. Ronaldo and his family will also be looked after royally off the pitch. He will have 16 people working full-time - three drivers, four housekeepers, two chefs, three gardeners and four security people. Ronaldo's incredible new contract CRISTIANO RONALDO has been given one of the most lucrative contracts in the history of sport. It includes... £178m-a-year £3.4m-a-week 15% ownership of Al-Nassr (estimated to be worth £33m) £24.5m signing bonus - increasing to £38m if he activates the second year of his contract £80,000 bonus per goal (increases by 20% in second year) £40,000 bonus per assist (increases by 20% in second year) £8m bonus if Al-Nassr win the Saudi Pro League title £4m bonus if he wins the Saudi Pro League Golden Boot £6.5m bonus if Al-Nassr qualify for the Asian Champions League and win it 16 people working full-time for him, including three drivers, four housekeepers, two chefs, three gardeners and four security people £4m worth of private jet expenses, covered by Al-Nassr £60m worth of sponsorship deals promised by Al-Nassr with new Saudi companies and companies in the Asian Market This was all paid for by Al-Nassr, at a cost of around £1.4 million. There is also £4m for use of a private jet, as well as the promise of sponsorship deals with Saudi companies which could reach £60million. The source said League bosses were 'very worried' about the former Real Madrid man leaving, especially during the recent transfer window, where there were moves to snap him up and take him to the Club World Cup. But now he's put pen to paper, they are delighted. Lionel Messi gives rare insight into his relationship with Cristiano Ronaldo The insider told SunSport: "The owners know that he is the face of the league, he is the individual who attracts most of the superstars and the spotlight and they needed to keep him at all costs. 'He was conscious of this, and they had to 'cover him in gold' to keep him, giving him even more money, perks, and bonuses than in his first deal, as he is the face of the league and, in their opinion, the best player ever in the history of the game. 'Cristiano is getting pretty much whatever he wants, and with the ownership stake, they also want to keep him close to them as a force that can continue attracting players, sponsors, and the spotlight when he decides to retire. 'They had to give him everything he wanted and do everything to keep him, as they know that pretty much the entire present of the league, and part of its future, relies on CR7's shoulders and presence. 'If he left, that would have been a huge blow for us and for the whole league. He's our treasure now, and we have to keep him and protect him at all costs, even if he has to be paid more than ever. 'His importance and presence are vital for the league, and Al-Nassr know that he's their best ambassador—the individual who has made them known internationally and enabled them to do business in and out of Saudi Arabia.' 3
Reuters
an hour ago
- Reuters
Debt collector Jefferson Capital valued at $1.2 billion in strong Nasdaq debut
June 26 (Reuters) - Shares of Jefferson Capital (JCAP.O), opens new tab rose 26.7% in their Nasdaq debut on Thursday, valuing the consumer debt collector at $1.2 billion. Jefferson's shares opened at $19 apiece, above its offer price of $15 per share. The Minneapolis, Minnesota-based company and some existing investors raised $150 million by selling 10 million shares in the IPO. The U.S. IPO market has recovered in recent weeks after President Donald Trump's shifting trade policies rattled investors and froze new listings earlier this year. Jefferson's debut mirrors the strong first-day performances last week of cancer diagnostic firm Caris Life (CAI.O), opens new tab and Slide Insurance (SLDE.O), opens new tab.
Reuters
an hour ago
- Reuters
DeepSeek R2 launch stalled as CEO balks at progress, The Information reports
June 26 (Reuters) - Chinese AI startup DeepSeek has not yet determined the timing of the release of its R2 model as CEO Liang Wenfeng is not satisfied with its performance, The Information reported on Thursday, citing two people with knowledge of the situation. R2, a successor to DeepSeek's wildly popular R1 reasoning model, was planned for release in May with goals to produce better coding and reason in languages beyond English, Reuters reported earlier this year. Over the past several months, DeepSeek's engineers have been working to refine R2 until Liang gives the green light for release, according to The Information, opens new tab. However, a fast adoption of R2 could be difficult due to a shortage of Nvidia server chips in China as a result of U.S. export regulations, the report said, citing employees of top Chinese cloud firms that offer DeepSeek's models to enterprise customers. A potential surge in demand for R2 would overwhelm Chinese cloud providers, who need advanced Nvidia chips to run AI models, the report said. DeepSeek did not immediately respond to a Reuters request for comment. DeepSeek has been in touch with some Chinese cloud companies, providing them with technical specifications to guide their plans for hosting and distributing the model from their servers, the report said. Among its cloud customers currently using R1, the majority are running the model with Nvidia's H20 chips, The Information said. Fresh export curbs imposed by the Trump administration in April have prevented Nvidia from selling in the Chinese market its H20 chips - the only AI processors it could legally export to the country at the time.
