Pine Labs files for $500M US IPO – Bloomberg

Pine Labs Pvt. Ltd. filed for a $500 million IPO with the U.S. Securities and Exchange Commission, Bloomberg News reported Jan. 10, citing people familiar with the matter.

The Asian digital payments provider, backed by Sequoia India and Mastercard Inc., is aiming to list in the first half. The IPO could give it a valuation of between $5.5 billion and $7.0 billion, the unnamed sources noted, adding the size and timeline regarding the debut could still change.

Pine Labs caters to more than 150,000 merchants in India, the Middle East and Southeast Asia. In addition to Mastercard and Sequoia, it also lists Fidelity Management & Research Co., BlackRock Inc., Temasek Holdings (Pte.) Ltd., PayPal Holdings Inc. and Actis Capital as investors, among others.

Goldman Sachs and Morgan Stanley will be leading the listing. Representatives for both banks declined to comment, while a Pine Labs representative did not respond to requests for comment, Bloomberg noted.