Fintech company Pine Labs is gearing up for its Initial Public Offering (IPO) and has passed a resolution to convert its Singapore-based holding company Pine Labs Pte to a public company, according to a report by Entrackr.
The company has been renamed to Pine Labs Limited, hinting at IPO preparations, the report said quoting regulatory filings. The fintech is expected to list in the US in the next 10 to 12 months, the report added.
The company which provides merchant payment, PoS and Buy Now Pay Later (BNPL) solutions is backed by investors like Sequoia, Mastercard, Actis Capital, PayPal and Temasek.
In an interview with Moneycontrol on April 9, Pine Labs Chief Executive Officer Amrish Rau had revealed that the company has been in touch with law firms, auditors and bankers for a year, but has not yet decided on when it will list.
"I am not a believer in talking about IPOs beforehand but I certainly want to understand what it takes, how the market operates, and getting your business practices in place to be ready. But we are not in a position to say when the IPO will happen," Rau had said.
"In terms of the evaluation process of which banker, we are not there yet but things could change in the next 2 months," Rau had added.
In July this year, Pine Labs raised $600 million at a valuation of $3 billion led by Fidelity, Blackrock and other investors. The fintech had crossed the $1 billion valuation and become a Unicorn in January 2020 after Mastercard invested in the company.
Founded in 1998, Pine Labs processes payments worth $30 million in a year. It serves over 150,000 merchants in 3,700 cities across Asia and the Middle East. It has also enabled its BNPL credit service to 150,000 outlets.