Pine Labs files for Rs 2,600 crore IPO; Peak XV, PayPal to pare holdings
The Noida-based merchant commerce firm is backed by some of the biggest names in global fintech investing. Peak XV Partners (formerly Sequoia India), Temasek's Macritchie Investments, PayPal, Mastercard, Invesco, Actis, and Madison India are among the investors looking to partially exit through the OFS. Cofounder Lokvir Kapoor is also offloading a portion of his stake.
ET had reported on June 11 that Pine Labs was preparing to file its DRHP by the end of the month. Peak XV will sell the largest chunk at nearly 39 million shares. PayPal is selling over 11.5 million shares, while Mastercard and Temasek are trimming about 10 million shares and 14.8 million shares, respectively.Pine Labs has also enabled a pre-IPO placement of up to Rs 520 crore, which, if executed, will reduce the fresh issue size.The company recently merged its Singapore entity into the Indian arm ahead of the IPO. It plans to list on the BSE and NSE. Axis, Morgan Stanley, Citi, JP Morgan, and Jefferies are the lead managers to the offer. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Punit Goenka reloads Zee with Bullet and OTT focus. Can he beat mighty rivals?
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