Source: PR Newswire
Pine Labs, one of India’s largest fintech companies, has taken a step closer toward its proposed stock listing by converting its Indian entity into a public company. The approval from the NCLT in relation to the shifting of the registered office from Singapore to India shortly precedes this change. After receiving the NCLT permission, the company’s board passed a resolution to change the name from “Pine Labs Private Limited” to “Pine Labs Limited” as a precursor to IPO filing in India.
In the same spirit of transition, Pine Labs appointed three independent directors to fill up its board, in that companies Act mandates that public companies shall have independent members on their boards to ensure better governance.
The newly appointed independent directors are:
- Amrita Gangotra is a technology and business professional with more than 35 years of operational experience, and she also sits on the boards of companies like Triveni Turbine, Max Healthcare, and ABB India.
- Smita Chandramani Kumar is a former official with the Reserve Bank of India (RBI) and brings more than 30 years of experience in the finance sector.
- Maninder Singh Juneja has held senior roles at ICICI Bank, TransUnion CIBIL, and Niva Bupa and presently serves on the boards of several companies.
Moreover, Pine Labs has elevated its CEO, Amrish Rau, to managing director and chairman. This move further highlights leadership’s unwavering commitment to growth and IPO readiness.
The company is expected to file its Draft Red Herring Prospectus (DRHP) in the next few months, with a view to listing by the second half of 2025. Reported in the media, Pine Labs will attempt to raise around $1 billion through the IPO, which will comprise fresh issuance as well as an offer for sale by existing investors.
To support the IPO, Pine Labs has tied up with top financial advisory firms including Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies.
Pine Labs was established as a merchant payment platform with gamut services running from providing point-of-sale (POS) terminals to Buy Now Pay Later (BNPL) options, invoice management to gifting solutions.
It has raised almost $1.3 billion from investors including Peak XV Partners, Temasek, PayPal, and Mastercard. TheKredible states that Pine Labs is valued at $5 billion.
With all these latest developments acting as an inflection point, Pine Labs is well on its way to becoming one of the most watched IPOs in the Indian fintech space.
