Pine Labs Raises Rs 1,754 Crore From Anchor Investors Ahead Of IPO
Pine Labs allotted 7.93 crore equity shares to anchor investors at Rs 221 per share.
Fintech company Pine Labs has secured Rs 1,754 crore from anchor investors, just a day before its initial public offering opens for subscription.
According to a circular on the BSE website, the anchor book drew strong interest from 71 global and domestic funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore Pte Ltd, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas and Eastspring Investments.
On the Indian side, SBI Mutual Fund, Aditya Birla Sun Life MF, HSBC MF, Tata MF, Edelweiss MF and ICICI Prudential Life Insurance Company participated in the anchor round.
Pine Labs allotted 7.93 crore equity shares to anchor investors at Rs 221 per share. Of this, 3.75 crore shares, or 47.26% of the anchor book, were allocated to 12 mutual funds through 30 schemes.
The company’s Rs 3,900 crore IPO opens on November 7 and closes on November 11, with a price band of Rs 210–Rs 221 per share. At the upper end, the firm is eyeing a valuation of over Rs 25,300 crore.
The offer includes a fresh issue of Rs 2,080 crore and an Offer for Sale (OFS) of more than 8.23 crore shares, worth Rs 1,819.9 crore, by existing shareholders.
Under the OFS, Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and co-founder Lokvir Kapoor will divest shares.
Proceeds from the fresh issue will go towards debt repayment, investment in IT assets, cloud infrastructure, technology development, and the procurement of digital checkout points. Funds will also be deployed in Pine Labs subsidiaries including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to expand the fintech’s international footprint.
The company had earlier considered raising Rs 2,600 crore via fresh issue along with an OFS of up to 14.78 crore shares, as per its June draft papers.
Based in Noida, Pine Labs builds technology for digital payments and issuing solutions for merchants, enterprises, consumer brands and financial institutions. Its platform enables digital transactions and payment processing in India and international markets including Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.
Pine Labs will list on the stock exchanges on November 14.
