Fintech firm Pine Labs files for India IPO
FILE PHOTO: A worker uses a Pine Labs machine for a transaction at a fuel station in Ahmedabad, India, August 5, 2022. REUTERS/Amit Dave/File Photo
(Reuters) -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-of-sale machines to merchants for card payments and competes with Paytm and Walmart's PhonePe.
Existing backers, which include Peak XV, Paypal and Mastercard, 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)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
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