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Pine Labs has filed its draft papers with SEBI for its IPO to raise ₹2,600 cr.
The deets: the issue is a combination of fresh equity and an offer-for-sale component of more than 14.7 crore shares.
Pine Labs is a finance tech startup that helps shops & businesses accept card payments using swipe machines and other tools. It competes with companies like Paytm and PhonePe.
The why: proceeds from the fresh shares are aimed at funding the repayment or prepayment of company borrowings up to ₹870 cr.
The company is also planning to invest in its subsidiaries & IT assets like cloud infrastructure and tech initiatives. Not only that, it also plans to boost its international expansion.
If the SEBI approval comes in, Pine Labs will become the third venture-funded payments company to list on the Indian stock exchanges.
Zoom out: India’s IPO market gained strong momentum in June. According to exchange data, the mainboard IPOs alone raised around ₹17,688 crore, marking the highest monthly fundraising through IPOs in the past 6 months.
