If you are interested in investing money in an Initial Public Offering (IPO), then this could be the best deal for you. An IPO is going to launch next week — Indian fintech company Pine Labs is coming up with its IPO, scheduled for November 7–11.
According to Reuters, the issue will join a wave of listings in the Indian market. The company provides payment solutions such as point-of-sale (POS) terminals and will be vying with Paytm and PhonePe.
The company’s shares are currently available at a Rs 60 premium in the grey market.
Notably, the fintech company has trimmed the size of the IPO, reducing the number of shares by 44% from investors selling their stakes. The company has also decided to cut the funds raised through new shares by 20%.
Pine Labs is now looking to raise Rs 2,080 crore, down from its previously proposed Rs 2,600 crore in June. As per regulations, Indian companies can make changes to their IPO after filing the draft prospectus.
According to Reuters, the company did not disclose the reason for trimming the IPO size. Earlier, Pine Labs had been seeking a $6 billion valuation at the time of the June filing.
As per the updated prospectus, Peak XV Partners plans to sell 2.3 crore shares, while PayPal and Mastercard plan to sell 67 lakh and 59 lakh shares, respectively.
India has become the third-largest IPO venue this year, and in 2024, it is anticipated to exceed a record $20.5 billion. Other companies with upcoming IPOs in the pipeline include boAt, Lenskart, and Groww.
