03:19 PM EST, 11/03/2025 (MT Newswires) -- Pine Labs, a digital payments provider backed by PayPal Holdings ( PYPL ) and Mastercard ( MA ) , intends to raise up to 39 billion rupees ($439 million) through an initial public offering in Mumbai, Bloomberg reported Monday, citing an advertisement.

The company plans to offer shares at 210 to 221 rupees each, implying a valuation of about 253.8 billion rupees at the top end of the price band, the report said. Anchor investor bidding opens Thursday with the broader subscription period running from Friday to Nov. 11, a filing on Saturday showed, according to the report said.

The offering includes a fresh issue of shares worth 20.8 billion rupees and the sale of 82.4 million shares by existing investors, the report said.

Pine Labs did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 68.45, Change: -0.82, Percent Change: -1.18