Indian fintech firm Pine Labs is set to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) with the market regulator Securities and Exchange Board of India (SEBI) by the end of this month, The Economic Times reported.

Pine Labs is aiming an IPO of $585-700 million at $4-5 billion valuation, the report said, citing unidentified people. Axis Capital, JP Morgan, Morgan Stanley, Citi and Jefferies have been appointed as bankers to the issue.

The Noida-headquartered company has been reportedly planning to float its IPO by the end of this year.

Last month, Pine Labs converted itself into a public company in preparation for the IPO.

In April, The Head and Tale had exclusively reported about Pine Labs securing the National Company Law Tribunal’s (NCLT) final approve to merge its Singapore and Indian entities, paving the way for the fintech company to shift its domicile from Singapore to India.

After the NCLT order, in a communication sent to shareholders, Pine Labs had informed that the process to convert Pine Labs India (a private limited company) into an unlisted public company is expected to take three to four weeks.

Founded in 1998, Pine Labs has raised about $1.3 billion so far. Peak XV Partners, Temasek, PayPal and Mastercard are marquee investors in the company.