India, May 21 -- In preparation for its initial public offering (IPO), fintech unicorn Pine Labs has converted into a public company.

Shareholders of Pine Labs on May 16 greenlit the proposal to change the name of the company to 'Pine Labs Limited' from 'Pine Labs Private Limited' previously, as per its regulatory filings accessed by Inc42.

The Peak XV-backed startup said in a statement that it is evaluating options for raising additional capital, including through an IPO of its equity shares. "In furtherance of this object, the company needs to be converted into a public limited company."

Ahead of its public listing, the board of Pine Labs also appointed Amrita Gangotra and Smita Chandramani Kumar as independent directors of the compa...