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PayU Plans India IPO Worth $500 Million
Oct 11, 2023
PayU, the Netherlands-based fintech giant, is preparing for an initial public offering (IPO) in India, with plans to seek regulatory approval in February. The IPO is expected to be valued at a minimum of $500 million and is part of PayU's strategic move towards a public listing in the country.
As a payment gateway and financial services provider, PayU competes with industry players like Razorpay and PhonePe. The company's India revenue saw a robust 31% growth to $399 million in June, driven by increased business from enterprises and small to medium-sized businesses.
Goldman Sachs, Morgan Stanley, and Bank of America have been appointed as advisors for the IPO, which is slated to be completed by the end of 2024. While these developments are underway, specific details remain confidential.
PayU's IPO is anticipated to be a significant event in India's fintech sector and could be one of the largest fintech listings in recent years.
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