Fintech company Pine Labs is set to launch its IPO on November 7, aiming to raise Rs 2,080 crore through fresh shares. The offering includes both new shares and an Offer for Sale (OFS). Proceeds will support debt repayment, IT investments, and global expansion efforts.
Pine Labs Prepares for Monumental IPO in the Fintech World
On November 7, fintech firm Pine Labs is poised to launch its initial public offering (IPO), intending to raise Rs 2,080 crore through a fresh issue of shares. This move is part of its strategy to bolster financial resources and expand its reach.
The IPO window, closing on November 11, includes both a fresh issue and an Offer for Sale (OFS) of up to 8.23 crore equity shares. Major stakeholders, including Peak XV Partners, PayPal, and Pine Labs co-founder Lokvir Kapoor, are set to divest parts of their holdings, as outlined in the red herring prospectus.
The generated funds will be allocated towards repaying outstanding debt, investing in IT infrastructure, and enhancing digital payment technology. Furthermore, Pine Labs aims to channel resources into its subsidiaries, such as Qwikcilver Singapore and Pine Payment Solutions Malaysia, to broaden its international footprint.
