In preparation for its initial public offering (IPO), fintech unicorn Pine Labs has converted into a public company.
Shareholders of Pine Labs on May 16 greenlit the proposal to change the name of the company to ‘Pine Labs Limited’ from ‘Pine Labs Private Limited’ previously, as per its regulatory filings accessed by Inc42.
The Peak XV-backed startup said in a statement that it is evaluating options for raising additional capital, including through an IPO of its equity shares. “In furtherance of this object, the company needs to be converted into a public limited company.”
Ahead of its public listing, the board of Pine Labs also appointed Amrita Gangotra and Smita Chandramani Kumar as independent directors of the company, effective March 24, the filing showed.
The development was first reported by Entrackr.
This comes amid reports that Pine Labs is planning to float $1 Bn IPO in the second half of 2025. The public issue will likely be a mix of a fresh issue component and an offer for sale. If Pine Labs’ public listing plans fructify, it will be the second largest IPO by a fintech company in the country after Paytm’s $2.5 Bn IPO.
Pine Labs has joined the likes of fintech giants such as Razorpay and PhonePe, which transformed into public companies last month ahead of their potential IPOs.
Its conversion into a public company comes days after it secured final approval from the National Company Law Tribunal (NCLT) to merge its India and Singapore entities, thereby facilitating its reverse flip to India.
While PhonePe and Groww have already shifted their base back to India, Razorpay is in the process of shifting its corporate headquarters to India.
(The story will be updated shortly.)
The post Pine Labs Converts Into Public Entity In Run-Up To IPO appeared first on Inc42 Media.
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