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Pine Labs Files DRHP with Seeks ₹2,600 Crore IPO, Eyes $4–5 Billion Valuation
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28 June 2025
2 min read
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Pine Labs, a leading fintech firm specialising in merchant payments, has formally filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signalling its intention to raise ₹2,600 crore (approximately $304 million) through a combination of fresh equity issuance and an Offer for Sale (OFS) by existing investors .
Backed by prominent investors—Peak XV Partners, PayPal, Mastercard, Temasek, and others—Pine Labs is targeting a post-IPO valuation in the range of $4–5 billion. The fundraising will consist of the ₹2,600 crore of new capital plus a secondary share sale of roughly 147.8 million shares by early backers.
The company will deploy the fresh funds to expand overseas operations, invest in technology upgrades, and reduce existing debt, while the OFS will offer liquidity to existing stakeholders. Key underwriters for the deal include Morgan Stanley, Citi, Jefferies, along with Axis Capital and JP Morgan.
Founded in 1998, Pine Labs offers comprehensive payment solutions—such as point-of-sale terminal infrastructure, Buy Now Pay Later (BNPL), e-commerce gateway, gifting platforms, and merchant loyalty services—across India, Southeast Asia, and the Middle East. The company reported a 44% revenue jump from ₹933 crore in FY22 to ₹1,344 crore in FY24, though net losses widened to ₹187 crore.
This IPO will position Pine Labs among India's top fintech public offerings. It follows a period of consolidation—including the 2022 relocation of its corporate domicile from Singapore to India—and a strategy built on organic growth and acquisitions such as Qwikcilver, Mosambee, and Fave. The move also aligns with the Reserve Bank of India’s stricter regulatory stance on digital payment firms.
What happens next: Pending SEBI approval, the IPO is expected to hit the market later this year. Successful execution could mark Pine Labs as the third major fintech unicorn to list in India, after Paytm and MobiKwik—setting a possible benchmark for fintech valuations and investor sentiment.
Reference: IndiaIPO
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