According to The Economic Times, citing its CEO Amrish Rau, Pine Labs has joined the group of IT businesses postponing their initial public offerings (IPO) of shares due to the downturn in global markets.
Given the collapse in the global markets, the company will not proceed with the anticipated IPO.
However, there is currently no window for an IPO, and it is without hesitation stated as such. In our opinion, Pine Labs is in a strong financial position and has raised more than $1.1 billion. Additionally, we are not currently in a rush to file for an IPO, Rau told The Economic Times.
In January of last year, Pine Labs filed with the US Securities and Exchange Commission for a $500 million initial public offering.
Following a $50 million investment from major private equity firm Vitruvian Partners in May 2022, Pine Labs' most recent valuation was $5 billion.
After acquiring six businesses between 2021 and 2022, Pine Labs has been on a growth track.
The business intends to enter the US and European markets with its gift card issuance service, payments installment stack, and services related to QR code payments.
The Economic Times cited Rau as stating, “This year, we will have a sales outpost in the US, and in Europe, wherein we will have people actually pushing our technology in those markets.”
Present in five Southeast Asian nations, Pine Labs just began offering its services in the United Arab Emirates.