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Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise
YourStory
·
1m ago
Medial
Pine Labs has filed draft papers with SEBI for an IPO, aiming to raise Rs 2,600 crore through a fresh share issue. Existing investors, including Peak XV Partners, PayPal, and Mastercard, plan to offload up to 147.8 million shares. The funds will support international expansion, technological development, and debt reduction. Additionally, Pine Labs' entities reported increased FY24 losses due to rising expenses, despite modest revenue growth. Morgan Stanley, Citigroup, and Jefferies are lead managers for the IPO.
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Fintech unicorn Pine Labs files DRHP with SEBI for Rs 2,600 crore IPO
IndianStartupNews
·
1m ago
Medial
Pine Labs, a Noida-based fintech unicorn, has filed its draft red herring prospectus with SEBI, aiming to raise Rs 2,600 crore via an IPO. This includes a fresh issue and an offer for sale of 147.8 million shares. Key shareholders selling stakes include Peak XV Partners, Temasek, PayPal, and Mastercard. The funds will support debt repayment, Southeast and West Asia expansion, and technological advancements. Pine Labs reported Rs 1,208 crore in revenue, achieving profitability with a Rs 26 crore net profit.
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Kenro Capital eyes up to $40 mn stake in Pine Labs as early backers seek exits
Livemint
·
9d ago
Medial
Kenro Capital is considering a $30-40 million investment in Pine Labs as the fintech company’s initial investors seek exits ahead of its IPO. Pine Labs recently filed a draft red herring prospectus with the Securities and Exchange Board of India for its public offering, planning to issue fresh equity worth ₹2,600 crore and an offer-for-sale of over 14.78 crore shares. The company was valued at $5.05 billion in 2022 after raising funds from Vitruvian Partners.
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Pine Labs files DRHP; Peak XV emerges as lead seller in OFS
Entrackr
·
1m ago
Medial
Merchant payments and lending platform Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 2,600 crore (approximately $305 million) and an offer for sale (OFS) of 14.78 crore equity shares, according to the DRHP. Peak XV is set to offload around 3.9 crore shares, accounting for approximately 26.3% of the total offer for sale (OFS). Acitis Pine Labs Investment and Temasek will sell 1.49 crore and 1.48 crore shares, respectively. Other participants in the OFS include PayPal, Mastercard Asia, Invesco, Madison India, Sofina, Lightspeed, BlackRock, and individuals such as Amrish Rau, Lokvir Kapoor, Kush Mehra, among others. According to the DRHP, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek and PayPal holding 7.1% and 6%, respectively. Actis Pine Labs Investment owns 5.78%, while Mastercard and Alpha Wave hold 5.24% and 3.39%, respectively. Amrish Rau holds a 2.35% stake, followed by Lokvir Kapoor with 1.97%. Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for repayment of borrowing, investment in subsidiaries, technology, research, and other general corporate purposes. In the first nine months of FY25, the company posted a 23% year-on-year increase in revenue, growing to Rs 1,208 crore from Rs 982 crore. It also reported a net profit of Rs 26.1 crore during the period.
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IPO-bound Pine Labs to appoint Avendus’ Sameer Kamath as new CFO - The Economic Times
Economic Times
·
1m ago
Medial
Pine Labs is set to appoint Sameer Kamath as its new CFO, following the resignation of Marc Mathenz. Kamath, currently CFO at Avendus Capital, will join the IPO-bound merchant payments company soon. This change coincides with Shalini Saxena returning as general counsel. Pine Labs, aiming for a $4.5-$5 billion valuation, plans to raise Rs 2,600 crore through a share issue. It counts major shareholders like Peak XV Partners, Mastercard, PayPal, and Actis.
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A Look At Pine Labs' Shareholding Pattern & Top Leadership
Inc42
·
1m ago
Medial
Pine Labs has filed its draft red herring prospectus (DRHP) to go public, aiming to raise INR 2,600 crore through a fresh issue. The IPO will include an offer for sale of up to 14.78 crore shares from investors like Mastercard, Peak XV Partners, Macritchie Investments, and cofounder Lokvir Kapoor. Significant stakeholders include Peak XV Partners with 20.35%, Macritchie Investments with 7.10%, PayPal with 6%, and CEO B. Amrish Rau with 2.35%.
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Workplace solutions provider IndiQube files DRHP, eyes Rs 850 Cr IPO
YourStory
·
7m ago
Medial
IndiQube, a workplace solutions company, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise funds. The IPO will consist of a fresh issue of equity shares worth up to Rs 750 crore and an offer for sale of equity shares worth up to Rs 100 crore by the promoters. The company plans to use the funds for establishing new centres and repaying borrowings. IndiQube currently manages around 103 centres across 13 cities and has a diverse clientele. The IPO filing comes amid the growing trend of flexible workspaces in the commercial office market.
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Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Entrackr
·
10m ago
Medial
The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).
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Peak XV-backed Pine Labs targeting IPO in second half of 2025
VCCircle
·
4m ago
Medial
Pine Labs, an Indian fintech backed by Peak XV, is planning a domestic IPO in the second half of 2025 despite current weak market conditions. CEO Amrish Rau emphasized focusing on building a lasting company rather than being swayed by the market. The $1 billion IPO will involve raising fresh capital and selling some existing stakes. Pine Labs, last valued at $5 billion, is diversifying income streams and focusing on tech solutions for financial institutions.
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Safex Chemicals files IPO papers; eyes Rs 450 cr via fresh issue
Economic Times
·
1m ago
Medial
Safex Chemicals (India) has filed for an IPO with the Securities and Exchange Board of India (Sebi) to raise funds through a combination of a fresh issue of shares worth Rs 450 crore and an offer-for-sale of 35,734,818 shares. The proceeds will be used for debt repayment and corporate purposes. The company operates in three business verticals and has made several acquisitions to expand its operations across 22 countries.
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IPO watch: Which Indian startups are next to hit the stock market? - The Economic Times
Economic Times
·
1m ago
Medial
A wave of companies across various sectors, including fintech, consumer goods, and logistics, is preparing to enter the Indian stock market through initial public offerings (IPOs). Notable companies filing for IPOs include Wakefit, targeting a Rs 468 crore raise, Groww with an estimated value of $700 million to $1 billion, and Pine Labs seeking Rs 2,600 crore. Meanwhile, firms like Meesho and Lenskart are in the preparatory stages for their IPOs.
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