Pine Labs, a leading digital payments provider in Asia, is reportedly considering a $1 billion (around ₹8,300 crore) IPO in India. This move comes as investor interest in the Indian stock market continues to surge.

What Happened: Pine Labs, which counts Peak XV Partners and Mastercard Inc. among its backers, is mulling over an IPO that could potentially value the company at over $6 billion (around ₹49,800 crore), according to a Bloomberg report on Friday. The firm is likely to issue both new and secondary shares, and may also consider a pre-IPO fundraising round.

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If Pine Labs proceeds with the $1 billion IPO, it would mark the largest for an Indian fintech firm since One97 Communications Ltd., the parent company of Paytm, which raised approximately $2.5 billion (around ₹20,700 crore) in 2021. If it succeeds in listing at the above-mentioned valuation, it would be almost twice the current valuation of Paytm which is at around $3.2 billion (around ₹26,000 crore).

So far this year, IPOs in India have garnered about $7 billion (around ₹58,100 crore), more than triple the volume from the same period in 2023, positioning India as one of the most lucrative markets for share sales worldwide.

However, it’s important to note that these considerations are still in the early stages and no final decisions have been made yet. The specifics such as size and value may change. Representatives for Pine Labs and Peak XV have declined to comment.

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