Pine Labs Shelves IPO Plans Considering Rout In Global Markets: Report As per the report, Rau said that the company ended FY23 with net revenue of INR 1600 crore and positive EBITDA

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Digital payments major Pine Labs CEO, Amrish Rau, in an interview with ET, has said that the company joins the growing list of new-age tech companies deferring their initial public offering (IPO) plans. According to the report, the company will not move ahead with a planned listing considering the rout in the global markets.

"But there is no window for an IPO (right now) and there are no qualms to say that at this point. As far as we are concerned, financially Pine Labs is in a sound position and has already raised more than $1.1 billion. And we are in no hurry right now to go for an IPO," Rau told ET.

The Pine Labs had filed for a confidential IPO worth $500 million with the US Securities and Exchange Commission in January 2022. As per previous media reports, it was reported that the company had plans to do both a primary fund-raise and a secondary share sale in which Sequoia Capital may sell some of its stake.

As per the ET report, Rau said that the company ended FY23 with net revenue of INR 1600 crore and positive EBITDA. In 2022, Pine Labs was last valued at $5 billion after it raised $50 million from private equity major Vitruvian Partners.

Being asked on the shifting of domicile just like PhonePe, Rau was quoted as saying, "The decision of shifting domicile should not be based on valuations or taxation. It should be based on whether the technology built is for global or domestic markets. And that is the discovery that is undergoing with Pine Labs currently. Based on those outcomes, we will decide on the best domicile for the company."

Furthermore, the CEO reportedly added that Pine Labs has been pushing the pedal on growth, making five of its six acquisitions between 2021 to 2022, and may continue to look at acquisitions to grow or enter into new geographies. Currently, the company is present in five Southeast Asian countries and recently launched in the UAE.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Woman Goes Viral After Recording Her Disastrous Call With HR After Being Let Go: 'They Tried to Gaslight You'

Brittany Pietsch posted a nine-minute-long clip of her firing from Cloudflare on TikTok, and it went viral. The company's CEO responded on X — and also went viral.

Thought Leaders

How This Family-Run Company Has Thrived for Five Generations

Marty Ozinga, the CEO of Ozinga, explains the legacy and future of the powerhouse construction materials company.

Business Solutions

Upgrade Your Work Laptop or Computer's OS With Windows 11 Pro, Now for Less Than $25

Outfit your office's computers and laptops with Microsoft's latest OS: Windows 11 Pro.

Marketing

4 Ways AI Is Revolutionizing Targeted Advertising — And How to Balance It's Ethical Implications

AI-powered targeted advertising revolutionizes marketing with hyper-personalized promotions. However, ethical and transparency questions hover over this progress.

Business Solutions

Host Your Website with iBrave — $90 for Life Through March 24

iBrave is an advanced cloud web hosting platform.

Making a Change

Learn ASL with This Bundle, Just $40 Through March 24

Learning American Sign Language can open up your mind and business potential, and this bundle makes it easy with 55 hours of content on the alphabet, essential phrases, and more.