India’s markets regulator has cleared Pine Labs to proceed with its initial public offering (IPO), according to a Securities and Exchange Board of India filing cited by Reuters.
The fintech company, which offers point-of-sale machines and other payment solutions, plans to raise up to US$1 billion through the listing and is seeking a valuation of about US$6 billion.
Proceeds from the IPO are expected to go toward expanding international operations, investing in technology and paying down debt.
Pine Labs operates digital payments and issuing platforms in India and several overseas markets including Malaysia, Singapore, the United Arab Emirates, Australia and the United States.
The company positions itself as a technology partner for merchants, consumer brands and financial institutions.
Featured image: Edited by Fintech News Singapore, based on image by Faraz Ali via Freepik
