The public offering from trading platform company Pine Labs could come earlier than expected. The company has passed a resolution to convert its Singapore-based holding company from private to public, regulatory filings show.
With this, the company has been renamed from Pine labs Pte to Pine Labs Limited, suggesting that preparations for the company’s IPO are picking up momentum.
Corresponding Trickypedia Sources, the company is likely to be listed in the US for the next 10-12 months. The company did not say anything about the size of the issue and its rating, a TOI report It is estimated that Pine Labs would consider a $ 5 billion valuation in the event of an IPO.
The conversion from a private to a public company took place weeks after closure its $ 600 million round of funding at a valuation of $ 3.5 billion. Pine Labs raised $ 285 million in May and an additional $ 315 million in July. Sources went on to say the round would be the final private funding for the company.
Requests sent to Pine Labs did not result in an immediate response. We’ll update the story in case they answer.
Pine Labs would be the fourth fintech company to get closer to being listed after Paytm, Policybazaar and Mobikwik. The company, led by Vijay Shekhar Sharma, is aiming for one of the largest IPOs with a valuation of 25 to 30 billion US dollars.
It’s worth noting that Pine Labs also facilitated a partial exit of its early and large financier Sequoia Capital via a secondary deal. The VC firm had transferred shares valued at $ 225 million to $ 230 million to seven investors, including Marshall Wace, Duro Capital, Moore Strategic Ventures, and Lenarco Limited.
Trickypedia would have decrypted the second contract in August.
Corresponding Trickypedia, Sequoia remains the largest shareholder in the company with a 25.7% stake, while its founder and chairman Lokvir Kapoor is the largest non-institutional shareholder with 5.05%. (See the pie chart below for a full ownership structure of the company).
In addition to its core point-of-sale (PoS) offerings, the company also offers the “buy now, pay later” service in India and several foreign markets. It claims to have a 95% market share in India and has 100 million customers. In April, the company acquired Malaysia-based payments Platform favorite…
The acquisition made it easier to enter the E-Commerce Enablement and Consumer Payments segments. The company also operates a prepaid gift platform called QwikCilver in India, Southeast Asia, the Middle East, Europe and Australia.