Pine Labs aims to raise Rs 3,900 crore via IPO; sets price band at Rs 210-221

New Delhi: Fintech firm Pine Labs on Monday fixed a price band of Rs 210-221 per share for its upcoming initial public offering (IPO), targeting a valuation of over Rs 25,300 crore.

The company's Rs 3,900-crore IPO will open for public subscription on November 7 and conclude on November 11.

Further, shares would be allocated to anchor investors on November 6.

The IPO comprises a fresh issue of shares valued at Rs 2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares worth Rs 1,819.9 crore at the upper end, by existing shareholders.

Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through 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 will be divesting their shares in the fintech firm.

Notably, Pine Labs has trimmed the issue size from what was originally planned. As per the draft papers filed in June, the merchant commerce and payments platform was looking to mobilise Rs 2,600 crore via a fresh issue, with an additional OFS component of up to 14.78 crore shares by existing shareholders.

Speaking about modifying the IPO size, Pine Labs Chairman, Managing Director and CEO Amrish Rau said the reduction in debt contributed to the company trimming the primary component of its maiden public offering.

Pine Labs' outstanding debt decreased to Rs 836.63 crore as of August 31, 2025, down from Rs 888.7 crore at the end of June 2025.

"I feel no pressure from the debt side, so we reduced the primary component of the IPO," he said.

On the valuation front, he said that the prices have been kept in such a way as to garner support from a wide range of investors, particularly retail investors, to ensure strong demand. Of the fresh issue, Rs 532 crore will be used by the company to repay debt.

In addition, funds would be earmarked for investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points.

Also, the company will use funds for investment in its subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding the presence outside the country.

Noida-based Pine Labs is a technology company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions.

Its technology infrastructure supports digital transactions and payment processing in India as well as in a few international markets, such as Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.

According to the Redseer Report, the company was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY2025.

It was also identified as the leading digital affordability enabler at digital checkout points, among the top five in-store digital platforms, and a key processor for Bharat Connect transactions during the same year.

In FY2025, the company processed payments worth Rs 11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions. As of June 30, 2025, its platforms were used by over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions.

The company's customer base spans a wide range of 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.

It has long-standing relationships with several large brands and institutions, including Croma and HDFC Bank, with some partnerships extending over a decade.

The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, PhonePe in the domestic market and Adyen, Shopify and Block in overseas markets.

The fintech company stated that 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Pine Labs will 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 book-running lead managers, while KFin Technologies is the registrar for the IPO.