Fintech company Pine Labs is set to launch its initial public offering (IPO) on November 7, targeting the collection of ₹2,080 crore through a fresh issue of shares. The public offering is scheduled to close on November 11, with a one-day bidding window for anchor investors opening on November 6, as outlined in the red herring prospectus (RHP).
In addition to the fresh issue, an Offer for Sale (OFS) of up to 8.23 crore equity shares will be available. Key stakeholders participating in the OFS include Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek via Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor.
The proceeds from the fresh issue are earmarked for debt repayment, investment in information technology assets, expenses related to cloud infrastructure, technology development initiatives, and the acquisition of digital checkout points. Additionally, funds will be allocated for investment in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions in Malaysia, and Pine Labs UAE, aimed at expanding the company’s international footprint.
Previously, Pine Labs sought to raise ₹2,600 crore through a fresh issue, complemented by an OFS of up to 14.78 crore shares from existing shareholders, according to earlier draft filings from June.
Based in Noida, Pine Labs specializes in digitizing commerce via digital payment and issuing solutions tailored for merchants, consumer brands, enterprises, and financial institutions. Its technological framework facilitates digital transactions and payment processing both in India and in select international markets, including Malaysia, the UAE, Singapore, Australia, the US, and various African countries.
As reported by Redseer, Pine Labs emerged as 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 provider of digital affordability solutions at digital checkout points, ranked among the top five in-store digital payment platforms, and served as a significant processor for Bharat Connect transactions during that fiscal year.
In FY25, Pine Labs processed payments totaling ₹11.42 lakh crore across 5.68 billion transactions. By June 30, 2025, its platforms were utilized by over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions. The firm’s customer base spans various sectors, including retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality, and financial services, as well as public sector clients such as municipal bodies and traffic departments.
Pine Labs has established long-term relationships with major brands and institutions, including Croma and HDFC Bank, with some partnerships dating back over a decade. In the competitive landscape, the company faces rivals like Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe domestically, as well as Adyen, Shopify, and Block in international markets.
The book-running lead managers for the IPO are Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India, while KFin Technologies will serve as the registrar for the offering.
The article was published on November 1, 2025.
