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)
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