Tech3 | Pine Labs picks bankers for $1-bn IPO; Zomato CEO extends salary waiver for two more years; and more

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In today’s newsletter:

• Pine Labs picks bankers for $1B IPO
• Zomato CEO extends salary waiver for two more years
• Byju's investors and lenders face setback

Pine Labs picks bankers for $1 bn IPO

The IPO flurry continues and more new-age companies are preparing to join the party.?

Tell me more: Pine Labs has finalised bankers for its $1 billion IPO, sources told us.?

• Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies will be Pine Labs’ bankers, we were told
• It is seeking a valuation of over $6 billion, slightly higher than $5 billion in 2022?

While all bankers are international ones, Axis Capital is the only domestic banker.?

• Pine Labs’ strong banking ties with Axis Bank (same group) has helped?

IPO timeline: While Pine Labs had attempted a US IPO in 2022, this one is different as it will list in India.?

• The company plans to list in the first half of FY26 and the IPO preparation is underway, sources told us
• The company is also in advanced stages of flipping its base back to India from Singapore ahead of the IPO?

Secondaries transaction: Ahead of Pine Labs’ IPO the company will also kick off a $100 million round.?

• Early backers will sell shares to make way for new investors and details are yet to be finalised?

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