Pine Labs has in complete confidence applied for an US initial public offering to raise about $500 millionBENGALURU: Merchant commerce platform Pine Labs has actually confidentially applied for a United States going public (IPO) to raise about $500 million, Bloomberg News reported on Monday, mentioning individuals familiar with the matter.The Temasek and Mastercard-backed business's listing might provide it a valuation of about $5.5 billion to $7 billion, according to the report.Pine Labs did not immediately react to a Reuters ask for comment.The business's leading boss informed Reuters in October Pine Labs was considering an IPO in just a year, however had declined to specify whether it would be an overseas listing.Founded in 1998 to supply retail automation options to petroleum companies, Pine Labs now offers services and tools such as stock management and payment terminals to merchants throughout Asia and the Middle East.Goldman Sachs and Morgan Stanley are the lead lenders on the IPO, Bloomberg News reported, adding that information such as the size and timing could still change.Last week, State Bank of India (SBI) made a $20 million financial investment in Pine Labs.
Pine Labs raised $600 million last year, valuing it at $3.5 billion.