Latest news with #PineLabs
Economic Times
15 hours ago
- Business
- Economic Times
IPO watch: Which Indian startups are next to hit the stock market?
The last few months have seen a surge in startups and new-age internet firms preparing for initial public offerings (IPOs), with some already filing their draft papers and others nearing completion of the process. Wakefit, a mattress and furniture maker, and Pine Labs, a merchant payments company, are the latest in the series of firms to file their IPO papers. The companies poised to enter the stock market belong to a wide range of sectors, from fintech to consumer goods and logistics. Here's a list of the companies in the run and their IPO plans: Companies that have filed IPO papers Wakefit: The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 468 crore through a fresh issue. The funds will be used to open 118 new retail outlets and upgrade existing ones. The IPO also includes an offer-for-sale (OFS) component. Groww: This online investment platform has filed its DRHP confidentially. The IPO is estimated to be worth $700 million to $1 billion, and the shares will be listed on the NSE and BSE. Pine Labs: The Noida-based payments company is looking to raise Rs 2,600 crore through a fresh issue and an OFS of up to 147.8 million shares. It is backed by major investors like Mastercard, PayPal, and Temasek and is targeting a valuation of $4–$5 billion. Also Read: Decoding Pine Labs' DRHP: Fintech aims to raise Rs 2,600 crore via an IPO Shiprocket: Backed by Zomato and Temasek, this ecommerce enablement platform filed its IPO papers confidentially in May. It aims to raise Rs 2,000–2,500 crore, including a fresh issue of Rs 1,000–1,100 crore. Urban Company: The at-home services platform filed its DRHP in April for a Rs 1,900 crore IPO. This includes a Rs 429 crore fresh issue and a Rs 1,471 crore OFS by investors like Accel and Tiger Global. Boat: The parent company, Imagine Marketing, filed confidential IPO papers earlier this year. The company, however, said that this doesn't necessarily mean that it will launch the IPO. Boat is likely targeting a valuation exceeding $1.5 billion, which may change closer to the IPO filing date. Capillary Technologies: The customer engagement and loyalty provider filed for an IPO, including a Rs 430 crore fresh issue and an OFS of 18.3 million shares. This marks its second attempt at going public after shelving plans in 2021. Companies preparing to file IPO papers Meesho : The ecommerce platform has received shareholder approval to raise Rs 4,250 crore (about $500 million) through a fresh issue. Having recently shifted its domicile back to India, it is expected to file its DRHP in the next few weeks. Lenskart: Back in February, ET reported that the eyewear brand is planning a $1 billion IPO, with a target valuation of around $10 billion. The SoftBank-backed company has already converted into a public limited entity. Shadowfax: ET reported on Friday that this logistics startup plans to file its DRHP confidentially within a month. The IPO is expected to raise Rs 2,000–2,500 crore, with around half as a fresh issue. Zetwerk: The manufacturing unicorn plans to go public within the next 12 to 24 months and will start preparations for its listing in the ongoing fiscal year, founder and chief executive Amrit Acharya told its employees in April. PhonePe: The digital payments giant is aiming for a $1.5 billion IPO later this year, with plans to file its DRHP by August. The expected valuation is around $15 billion, up from $12 billion in 2023.
Yahoo
a day ago
- Business
- Yahoo
Fintech firm Pine Labs seeks up to $6 billion valuation in India IPO, source says
By Vivek Kumar M (Reuters) -Indian fintech firm Pine Labs' [ initial public offering could be worth about $1 billion and the company is seeking a valuation of up to $6 billion, a source familiar with the matter said on Thursday. Pine Labs is looking to issue fresh shares worth 26 billion rupees ($304 million) while existing investors including Peak XV, PayPal and Mastercard will sell up to 147.8 million shares, draft papers filed with the market regulator showed. The company, which competes with Paytm and Walmart's PhonePe, is seeking a valuation of between $5 billion and $6 billion, according to the source, who did not want to be identified. The company was last valued at $5 billion when it raised funds in 2022. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2% so far this year compared to a year earlier, while the number of issues have fallen 29%, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8% this year, but remains 3% below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering. ($1 = 85.6150 Indian rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
a day ago
- Business
- Business Standard
Pine Labs CEO Amrish Rau may net ₹1,000 crore as firm files for IPO
As fintech major Pine Labs gears up for its initial public offering (IPO), its draft red herring prospectus (DRHP) highlights top executives' compensation and stock option windfalls, including that of chief executive officer (CEO) Amrish Rau. Rau's net worth is estimated to be between ₹850 crore and ₹1,000 crore following the IPO. The company was last valued at $5 billion during its 2022 fundraising round. He holds a 2.35 per cent stake in the company, translating into 17.76 million shares, and holds 24.96 million shares on a fully diluted basis. According to the DRHP, Rau is offloading up to 3.2 million equity shares in the offer for sale (OFS). Previous grants have enabled Rau to vest 7.19 million employee stock options (ESOPs). He also received 23.17 million shares—subject to shareholders' approval—between January and June this year. Rau's annual pay stands at ₹5.8 crore, including a basic salary of ₹3.8 crore and an annual incentive of ₹1.9 crore, among other components. During the financial year 2025 (FY25), he received ₹3.76 crore as CEO of Pine Labs Singapore, including a performance-linked bonus accrued for FY24 and paid in FY25. Meanwhile, Kush Mehra, executive director, president and chief business officer – digital infrastructure and transaction platform at Pine Labs, earns a gross annual salary of ₹3 crore. Mehra holds 4.06 million shares and is expected to offload 0.44 million equity shares in the OFS. Investors such as Peak XV Partners, Actis, Macritchie, PayPal, Mastercard, AIM Investment Funds and Madison India Opportunities IV, among others, are also expected to partially exit through the OFS. Peak XV will pare down its stake by selling the largest chunk—39 million shares—in the OFS. PayPal and Mastercard will offload 11.50 million and 10.04 million shares, respectively.
Yahoo
a day ago
- Business
- Yahoo
Pine Labs files for IPO in India to raise $303m
Digital payments provider Pine Labs has submitted its draft red herring prospectus to regulators to go public in India. The company is looking to raise approximately Rs 26bn ($303m) by issuing new shares in its initial public offering (IPO). The prospectus also reveals that Pine Labs may consider a pre-IPO placement worth up to Rs 5.2bn, set for listing on NSE and BSE. Existing shareholders, including PayPal, Mastercard Asia/Pacific, and Peak XV Partners Pine Investment Holdings, are set to sell up to 147.8 million shares as part of the IPO. For the fiscal year 2024, Pine Labs posted a loss of Rs 1.9bn, on a restated basis, against a revenue of Rs 13.4bn. The company, established in 1998, has stated that the IPO proceeds will be used for the repayment of debt and for investment in overseas units in Singapore, Malaysia, and the UAE. The IPO is being managed by a consortium of investment banks, including Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India Private, and Jefferies India. Pine Labs operates in the digital payments sector, offering end-to-end payment solutions and hardware to merchants, and competes with other entities such as Paytm and PhonePe. In March, the company integrated Visa Instalment Solutions (VIS) into its multi-issuer payment platform. This development is designed to provide merchants in Southeast Asia with the capability to offer instalment payment options for domestic and international transactions. "Pine Labs files for IPO in India to raise $303m " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
2 days ago
- Business
- Time of India
Decoding Pine Labs' DRHP: Fintech aims to raise Rs 2,600 crore via an IPO
Academy Empower your mind, elevate your skills Invest in payments infrastructure (which can help in cross-selling products), offer credit solutions at checkout, and build customer loyalty. The company wants to target midmarket and smaller merchants for future growth opportunities. With its UPI-first merchant payments platform Pine Labs also wants to get into the micro-merchant ecosystem, a sector dominated by QR code companies such as BharatPe and PhonePe. Another area of focus for Pine Labs will be international expansion, especially in Southeast Asia and West Asia. The company is focusing on global expansion to target fatter margins in those geographies and harness advantages of scale to boost the margins of the overall business. Having expanded a large part of the tech-first business through the acquisition route, Pine Labs wants to continue with this strategy and tap inorganic growth opportunities wherever possible. Merchant payments, both in-store and online Fintech infrastructure plays to help other financial services players build fintech products through APIs. Credit solutions at checkout points, which can help merchants increase their customer loyalty and engagement with brands. Pine Labs gets a fee for processing transactions for these merchants or brands. 4. Pine Labs wants to double down on its platform for issuing prepaid instruments such as gift cards and also for acquiring merchants for banks, helping them with digital payment solutions. Noida-headquartered merchant payments company Pine Labs has filed its draft red herring prospectus (DRHP) with stock market regulator Sebi. The company plans to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.8 million by global investors such as Peak XV Partners (formerly Sequoia India ), Mastercard, PayPal and Temasek, Pine Labs is seeking a valuation of around $4-5 billion through this public issue, according to people in the payments company was primarily owned by Peak XV Partners until 2018 and has attracted global investors to its cap table over the last six years. The company raised more than a billion dollars in venture funding and Peak reduced its shareholding to around 20% from around 90% six-seven years back. In 2022, Pine Labs achieved a valuation of $5 the global institutional investors, Pine Labs also counts multiple founders in the Indian startup ecosystem among its individual investors. Dream11 founder Harsh Jain, Indifi cofounder Alok Mittal, Swiggy cofounder Sriharsha Majety, Freshworks founder Girish Mathrubootham, and Unacademy's Gaurav Munjal have been mentioned as shareholders in the Sebi approval comes and the book building process is completed, Pine Labs will become the third venture-funded payments company to list on the Indian stock exchanges. Paytm and Mobikwik are the two other listed payment looks at the major aspects of the draft prospectus filed by Pine Labs was initially built as a point of sale (PoS) company to service retailers. But over the last five years, the company has transformed into a larger fintech firm, in part by taking the inorganic 2019, Pine Labs entered the gift card space by acquiring Accel-backed Qwikcilver Currently, Pine Labs has taken the gift card solution to new geographies, including the US and acquiring PoS company Mosambee , Pine Labs, which was a major player in the organised retail segment, marked its entry into the small and medium enterprise segment, digitising payments among longtail merchants as acquiring Southeast Asian fintech platform Fave , Pine Labs managed to set foot in that market. The acquisition also allowed Pine Labs to build a consumer-facing presence in India, offering Unified Payments Interface ( UPI ) payments and a bid to compete with the omnichannel business bets of Razorpay and Paytm, Pine Labs also entered the online payments business By diversifying its business bets, Pine Labs ensured that it had an entire bouquet of offerings for its clients with a diversified revenue Labs serves 915,731 merchants, 666 consumer brands and enterprises, and 164 financial institutions across India and overseas, according to details shared in its prospectus. This makes it one of the largest merchant payment processors in the had remained elusive for years, but in the last financial year, Pine Labs crossed the Rs 100 crore monthly revenue run rate and turned profitable in the first nine months of the year (Q4 and full-year results have not been given in the DRHP). It reported a net profit of Rs 26 crore on an operating revenue of Rs 1,208 comparison, Paytm, which has a large consumer facing business along with a merchant payments arm, reported Rs 6,900 crore in revenue in FY25. CCAvenue, another predominantly online merchant payments firm, reported total revenue of Rs 3,276 crore in FY25 and a net profit of Rs 160 Labs has increased its revenue 44% in three years, from Rs 933 crore in FY22 to Rs 1,344 crore in FY24. Last year it had reported a net loss of Rs 187 Labs will invest in product building in a bid to remain competitive, according to the prospectus. It has set out the following targets for business veterans who have tracked Pine Labs for years pointed out that the company has transformed itself to stay competitive in the era of fintech disruptors. However, the transformation resulted in its expenses shooting up to Rs 1,877 crore in FY23; this was brought down to Rs 1,622 crore in with zero-MDR payment instrument UPI displacing debit cards as a major merchant payment mode, processors such as Pine Labs have missed out on a major revenue generation Labs has structured its business across four major company visualises itself as being at the intersection of payments, brands, merchants, and credit and financial services players like the last few years, with UPI becoming the default payment mode for Indian consumers at merchant outlets, generating revenue from core payments has become a challenge for every payment processor. By betting on new revenue lines through value-added services and credit products, companies such as Pine Labs are hoping to widen their business margins.
