Asian digital payments startup Pine Labs plans to raise $1 billion in an initial public offering (IPO) in India.

Bloomberg reports that Pine Labs intends to achieve a $6 billion valuation following an initial stock listing. As part of the IPO, the company may sell both new and existing shares, as well as conduct a round of financing. However, plans for the IPO are preliminary and its details could change, Bloomberg’s sources added.

Pine Labs IPO could be the largest among Indian fintech companies since 2021.

Back then, One97 Communications raised about $2.5 billion in a listing.

The Indian stock market is experiencing an IPO boom. Since the beginning of 2024, the total amount of funds raised through initial offerings in India has amounted to about $7 billion, which three times exceeds the figure for the whole of 2023.

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