Fintech firm Pine Labs has set a price band of ₹210 to ₹221 per share for its upcoming initial public offering (IPO), aiming for a valuation exceeding ₹25,300 crore. The ₹3,900-crore IPO is scheduled to open for public subscription from November 7 to November 11, with shares allocated to anchor investors on November 6.
The offering comprises a fresh issue of shares worth ₹2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares valued at ₹1,819.9 crore at the upper end, which will be sold by existing shareholders.
Key stakeholders participating in the OFS include Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, and Sofina Ventures S.A. Pine Labs co-founder Lokvir Kapoor will also divest shares.
Pine Labs has reduced the IPO size from its original plan. According to draft documents filed in June, the company initially sought to raise ₹2,600 crore through the fresh issue, in addition to an OFS of up to 14.78 crore shares.
Chairman, Managing Director, and CEO Amrish Rau explained that the decrease in debt allowed the company to trim the primary component of the IPO. The firm’s outstanding debt fell to ₹836.63 crore as of August 31, 2025, from ₹888.7 crore in June 2025. Rau emphasized that the pricing strategy was designed to attract a diverse range of investors, particularly retail investors, to ensure strong demand. Of the fresh issue, ₹532 crore will be allocated for debt repayment.
Additionally, funds raised will support investments in IT assets, cloud infrastructure, technology development initiatives, and the procurement of digital checkout points. Funds will also be directed toward expanding subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions in Malaysia, and Pine Labs UAE.
Based in Noida, Pine Labs specializes in digitizing commerce through digital payments and issuing solutions for a variety of merchants, consumer brands, enterprises, and financial institutions. Its infrastructure facilitates digital transactions in India and several international markets, including Malaysia, the UAE, Singapore, Australia, the United States, and parts of Africa.
According to the Redseer Report, Pine Labs was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY2025. The company was also recognized as a leading digital affordability enabler at digital checkout points and ranked among the top five in-store digital platforms, while also being a key processor for Bharat Connect transactions during the same fiscal year.
In FY2025, Pine Labs processed payments totaling ₹11.42 lakh crore across 5.68 billion transactions. As of June 30, 2025, the platform served over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions.
Pine Labs has established partnerships across various sectors including retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality, and financial services, as well as with public sector entities. The company maintains long-standing relationships with major brands and institutions, such as Croma and HDFC Bank.
In the domestic market, Pine Labs faces competition from Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe, while competing internationally with Adyen, Shopify, and Block. The IPO allocation will reserve 75% of the issue size for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.
Pine Labs is set to make its stock market debut on November 14. Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the designated book-running lead managers, while KFin Technologies will serve as the registrar for the IPO.
Published on November 3, 2025.
