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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.
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