PayPal-Backed Pine Labs Files India IPO Riding on Fintech Boom

Digital payments provider Pine Labs Ltd. filed for an initial public offering in India, as the government’s digitization push fuels a boom in the financial technology space.

The company seeks to raise as much as 26 billion rupees ($303 million) selling new shares. It may consider a pre-IPO sale of as much as 5.2 billion rupees of shares, a draft red herring prospectus showed Thursday.