RedotPay Weighs Confidential US IPO Filing by Year-End at Up to $5 Billion Valuation
Summary
- Hong Kong-based RedotPay is considering a confidential IPO filing for a US listing by the end of this year.
- In pre-IPO fundraising talks, its valuation could be set at $4 billion to $5 billion, while stablecoin card payment volume reached $410.5 million over the past 30 days.
- Despite regulatory issues, a legal dispute involving Binance, and a damages claim of about $473 million, the company said it is continuing its US IPO process.
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Hong Kong-based stablecoin payments firm RedotPay is considering a confidential filing for a US initial public offering by the end of this year, Cointelegraph reported on October 27.
RedotPay is weighing submitting confidential IPO documents to the US Securities and Exchange Commission this year. Bloomberg, citing people familiar with the matter, reported that the company is also discussing a pre-IPO fundraising round that could value it at $4 billion to $5 billion.
RedotPay provides payment services using stablecoins. The company says its user base has surpassed 8 million. Payments data platform PaymentScan said stablecoin card payment volume totaled $410.5 million over the past 30 days.
RedotPay was previously reported to have been pursuing a New York listing since February. At the time, the company was said to be seeking to raise more than $1 billion at a valuation above $4 billion, with JPMorgan, Goldman Sachs and Jefferies involved in the listing process.
However, reports in August said the US listing timetable had been delayed by regulatory issues and a legal dispute related to Binance. RedotPay denied it had postponed the IPO and said it was continuing the listing process with its partners.
The legal dispute is also continuing. In August, Binance affiliates sought about $473 million in damages, alleging that RedotPay's founders used confidential information to build a competing payments business and poach customers.
RedotPay denied the allegations and said it would actively contest all claims. While discussions on a US IPO and pre-IPO fundraising are ongoing, the timetable and valuation have not been finalized.
