Pine Labs IPO to Open on November 7, Targets INR 2,080 Crore Through Fresh Issue

In order to raise INR 2,080 crore through a new share issuance, fintech company Pine Labs is preparing to make its initial public offering (IPO) on November 7. On November 11, the company's first public offering will come to an end. The red herring prospectus (RHP) states that the anchor investor auction will begin for one day on November 6.

In addition to the new issuance, up to 8.23 crore equity shares would be offered for sale (OFS). According to the OFS, the fintech company's shares will be sold by 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 Lokvir Kapoor, a co-founder of Pine Labs.

How Pine Labs Plan to Utilise the Proceeds?

The company will utilise the proceeds from the new issuance to pay off debt, invest in IT assets, fund cloud infrastructure, fund technology development projects, and buy digital checkout points. To increase its international footprint, the company will invest in its subsidiaries, including Pine Payment Solutions, Malaysia, Qwikcilver Singapore, and Pine Labs UAE.

According to the draft documents submitted in June, the company had previously sought to raise INR 2,600 crore through a new issuance, with an extra OFS component of up to 14.78 crore shares by current owners. Pine Labs is a technology company situated in Noida that specialises in digital payments and providing solutions for businesses, financial institutions, and consumer brands. In India and a few other international markets, including Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and parts of Africa, its technological infrastructure facilitates digital transactions and payment processing.

By transaction value in FY2025, the company was India's biggest issuer of closed- and semi-closed-loop gift cards, according to the Redseer Report. During the same year, it was also recognised as one of the top five in-store digital platforms, the top digital affordability enabler at digital checkout points, and a crucial processor for Bharat Connect transactions.

Current Financial Dynamics of Pine Labs

The company handled 5.68 billion transactions in FY25, processing payments of INR 11.42 lakh crore in gross transaction value (GTV). More than 9.88 lakh merchants, 716 consumer brands and businesses, and 177 financial institutions were using its platforms as of June 30, 2025. Retail, e-commerce, leisure, consumer electronics, healthcare, travel, hospitality, and financial services are just a few of the industries that the company serves.

Public sector clients include traffic departments and local governments. It has established enduring connections with a number of major companies and organisations, such as Croma and HDFC Bank, some of which date back more than ten years.

In the domestic market, the company faces competition from companies like Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe; in the international sector, it faces competition from Adyen, Shopify, and Block. The book running lead managers are Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India; the IPO registrar is KFin Technologies.