Pine Labs has secretly filed for an initial public offering in the United States to raise approximately $500 million.
BENGALURU:
Commodity trading platform Pine Labs has secretly filed for a US initial public offering (IPO) to raise about $500 million, Bloomberg News reported on Monday, citing people familiar with the matter. related to this issue.
According to the report, the company’s listing, backed by Temasek and Mastercard, could put it in the range of $5.5 billion to $7 billion.
Pine Labs did not immediately respond to Reuters’ request for comment.
The company’s top boss told Reuters in October that Pine Labs was considering an IPO within at least a year, but declined to say whether it would be an overseas listing.
Founded in 1998 to provide retail automation solutions to oil and gas companies, Pine Labs now provides services and tools such as inventory management and payment terminals to retailers. merchants across Asia and the Middle East.
Goldman Sachs and Morgan Stanley are the leading banks in terms of IPOs, Bloomberg news agency reported, adding that details such as size and timing are still subject to change.
Last week, the State Bank of India (SBI) invested $20 million in Pine Labs. Pine Labs raised $600 million last year, valuing it at $3.5 billion.
