Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

By Nikita Chaurasia  | Date: 2021-10-12

Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

India is likely to witness a record number of IPOs this year, with several companies eyeing public listing to raise funds if the market sentiment remains positive. One such company, Pine Labs is reportedly planning to list itself on Nasdaq by October end.

The Indian merchant commerce platform has hired Morgan-Stanley to oversee the potential initial share sale to raise around USD 1 billion through primary and secondary stake sales. Back in September, Pine Labs had secured USD 100 million in funding from the Invesco Developing Markets Fund, then valuing the company at USD 3 billion.

Founded in 1998, Pine Labs offers various services to merchants ranging from payment terminals, working capital, and invoicing tools. The platform currently provides last-mile transactions both physically as well as digitally for more than 100 brands.

Although it began operations in the petroleum automation retail space, Pine Labs moved into payments and services for merchants back in 2004. The company is presently backed by Mastercard, Temasek, Sequoia Capital India, and PayPal.

Moreover, around 100,000 retailers in Asia are known to have collaborated with Pine Labs, with at least 350,000 merchants using the company’s POS terminals across India. Pine Labs’ solutions have also been gaining significant momentum in various industries such as travel, fashion, food, and electronics among others.

A Nasdaq listing will be in line with Pine Labs’ global aspirations as well as provide rapid growth in the upcoming years, cited sources with relevant information. The merchant commerce platform is currently focusing on expanding to several Asian markets.

Pine Labs, however, might raise additional funds before going public and is presently negotiating with various private equity investors.

Notably, 2021 has been a lucrative year so far for the primary market as India Inc. has managed to secure around USD 9.7 billion through their IPOs, the highest in nine months since the past 20 years.

Source Credits –

https://www.livemint.com/market/ipo/pine-labs-may-file-for-nearly-1-bn-nasdaq-ipo-by-oct-end-11633888624007.html

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Indian food delivery giant Swiggy to buy Dineout from Times Internet

Indian food delivery giant Swiggy to buy Dineout from Times Internet

By Nikita Chaurasia

Swiggy, an Indian food delivery giant, has recently announced an agreement with Times Internet to buy Dineout, a dining and restaurant technology platform. Swiggy will use the acquisition to enter the dining out (non-delivery) market, where it will c...

Grocery delivery platform Instacart files for U.S. stock market debut

Grocery delivery platform Instacart files for U.S. stock market debut

By Nikita Chaurasia

Instacart, a grocery delivery service, has announced that it has submitted a provisional registration statement with the Securities and Exchange Commission (SEC), clearing the way for the company to list its shares on the U.S. stock exchange. The ...

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

By Nikita Chaurasia

American food major Tyson Foods Inc. has reportedly improved its full-year sales outlook after witnessing better-than-expected earnings and revenue in the last quarter. The company raised its full-year sales to around USD 54 billion, above the averag...

EU likely to enforce new rules to regulate tech giants in spring 2023

EU likely to enforce new rules to regulate tech giants in spring 2023

By Nikita Chaurasia

The Executive Vice President of the European Commission Margrethe Vestager reportedly claimed that the union is likely to start enforcing the Digital Markets Act (DMA) in the spring of 2023. The antitrust legislation, which aims to limit the power of...

India teams up with Japan to develop affordable EV charging standard

India teams up with Japan to develop affordable EV charging standard

By Nikita Chaurasia

India and Japan are reportedly working on a joint initiative to develop a standard for electric vehicle charging in emerging markets. The duo will use Japan’s protocols to make easier-to-install and operate EV charging stations. The CHAdeMO ...