India’s Pine Labs files for U.S. IPO

Indian fintech platform Pine Labs has secretly filed for a U.S initial public offering (IPO).

Bloomberg News said Pine Labs could raise about $500 million from the IPO.

Pine Labs is backed by Temasek and Mastercard.

Pine Labs’ listing could give it a valuation of about $5.5 billion to $7 billion, Bloomberg reports.

Reuters recounts that Pine Labs was founded in 1998 to provide retail automation solutions to petroleum companies.

Pine Labs now offers services and tools such as inventory management and payment terminals to merchants across Asia and the Middle East.

Goldman Sachs and Morgan Stanley are the lead bankers on the IPO, Bloomberg News reported.