India’s markets regulator has approved the initial public offering of fintech firm Pine Labs, a document on its website showed on Monday.
The IPO could be worth $1 billion and the company, which competes with Paytm and Walmart’s PhonePe, is seeking a valuation of up to $6 billion, Reuters reported in June.
Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt.
The Securities and Exchange Board of India, on Monday, also approved the IPOs of two-wheeler manufacturer Hero Motors and Canara Robeco Asset Management.
