Months after learning that Pine Labs was looking to go public, the fintech giant reportedly chose Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies for its billion-dollar IPO.
The company is expected to go public in the first half of FY26.
There will be a secondary transaction worth $100 million (approximately INR 842.5 Cr), enabling the transfer of shares between existing investors and new venture capital firms, as part of the pre-funding. IPO.
Months after learning that Pine Laboratories
sought to make publicThe fintech major has reportedly chosen five investment banks as advisors for its $1 billion (approximately INR 8,424.7 Cr) initial public offering (IPO).
Pine Labs has chosen Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies to execute its IPO mandate, scheduled to launch in the first half of FY26, Moneycontrol reported, citing sources familiar with the matter .
Inc42 has contacted Pine Labs for comment on the development. The story will be updated based on the response.
The report also states that there will be a secondary transaction worth $100 million (approximately INR 842.5 Cr), enabling transfer of shares between existing investors and new venture capital firms, in the framework of pre-IPO financing.
Reports about the company’s plans to go public were initially released in June, revealing that the company would likely seek a valuation of more than $6 billion for its IPO.
Pine Labs, founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay, is a diversified payment solutions provider, including point-of-sale devices and payment systems for businesses. It also offers other solutions such as pay later, rewards and cashback to businesses.
So far, the fintech player has raised around $1.6 billion in total funding from investors including Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, Alpha Wave Global, Chimera Capital and State Bank of India.
As part of a series of various moves by Pine Labs to shift its base to India, the fintech startup has secured the initial set of approvals of the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary in August.
This development comes at a time when startups across various sectors are motivated to launch on exchanges, with at least 10 companies debuting this year. Meanwhile, there is a huge queue of startups expected to go public in the following year.
For example, a few days ago, OfBusiness, the B2B marketplace backed by SoftBank, roped on five banks including Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America for its up to $1 billion IPO, planned for next year.
Meanwhile, manufacturer of audio products and smart watches embarked boat ICICI Securities, Goldman Sachs and Nomura as bankers for its $300 million to $500 million IPO next year, about two weeks ago.
Updated at 10:48 a.m.