Marc Mathenz, the group chief financial officer of IPO-bound Pine Labs, has stepped down from his position just months before the company’s planned public market debut, four people aware of the developments told Moneycontrol.
Mathenz has cited personal reasons for his departure. Mathenz was based in Singapore along with Pine Labs’ chief executive officer, Amrish Rau, and will be leaving the organisation in the coming weeks, sources said.
Mathenz had joined the merchant commerce platform only in 2021 and was responsible for scaling Pine Labs’ international business, especially across Asia Pacific, along with leading its finance function at the group level.
Back in 2021, Mathenz had taken over the CFO position from Sameer Maheshwary who has spent over six years at Pine Labs. Maheshwary was moved internally and made the Senior Vice President of Capital Markets.
In his new role at Pine Labs, Maheshwary was in-charge of fundraising and “pretty much led all of the IPO work” according to one of the persons cited above.
It is still unclear who will succeed Mathenz and become the CFO of Pine Labs, especially at this juncture when it is expected to file its draft IPO papers in the coming months and eventually list on the Indian bourses.
Pine Labs did not respond to Moneycontrol’s queries.
$1 billion IPO
Pine Labs is preparing to raise $1 billion through an IPO, Moneycontrol had exclusively reported earlier. Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies are running the company’s IPO mandate.
Pine Labs is likely to seek a valuation of more than $6 billion for its upcoming IPO, slightly higher than $5 billion, the valuation it commanded during its private fundraise in March 2022, as per data available on Tracxn.
The company, which was earlier based in Singapore, had completed the process of flipping its base back to India earlier this year, in a move that brought it closer to becoming a publicly listed company.
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