Fintech Unicorn Pine Labs has probably taken the first major step for IPO listing, after converting its entity status from private limited to a public limited company. This news was first reported by the news portal Entrackr, which claimed that the company’s parent firm (based in Singapore) has passed a special resolution to change its entity status. After changing the entity status, the company will be now known as Pine Labs Limited.
While the IPO frenzy has now made IPO listing a common news, the unique thing about Pine Lab’s listing is that it is vying for listing in the U.S stock exchange. It has been noticed that there been an increasing urge among the Indian startups to opt for listing in the American capital market.
SaaS unicorn Freshworks has just filed Drhp with the US regulatory body for raising nearly $912 Mn from the American capital market. Even grocery startup Grofers was tentatively planning for an IPO listing on Nasdaq before it definitely shelved the plan.
Pine Labs had acquired the unicorn status in January this year. In June, the company’s valuation surpassed $3 BN after raising $600 Mn from Fidelity, Blackstone and other marque investors. The Singapore and Mumbai based company is indeed backed some of the most high profile investors including the likes of Sequoia, PayPal and Mastercard.
The company provides merchant payment, POS and has a relatively big presence in the BNPL space.
Pine Labs has now joined the list of IPO-bond fintech companies like Mobikwik, Paytm and Policybazaar.
Pine Labs was founded way back in 1998 when the term startup was largely oblivious for most people. Since then the company has come a long way and today stands as one of the most sought after Fintech startups in India. Today the startup claims to process payments worth $30 Mn in a year and serve over 1,50,000 merchants.