Earlier in June, reports had suggested that Pine Labs was eyeing a $6-7 billion valuation.
The fintech company will launch its IPO on November 7. Anchor investors can bid for shares on November 6, while the issue will remain open for public subscription until November 11.Existing investors, such as Peak XV Partners, PayPal and Mastercard, will now look to sell a total of 8.23 crore shares, down from the 14.78 crore planned in June’s draft prospectus.
The company is also looking to raise ₹2,080 crore through a fresh issue of shares, down from ₹2,600 crore in June, its October 31 prospectus showed.
Objects of the issue
– Debt repayment: ₹532 crore
– International expansion: ₹60 crore
– Technology investment: ₹760 crore
The company’s total borrowings stand at ₹888.7 crore, primarily used for working capital funding and term loans for purchasing POS machines.A provider of payment solutions such as point-of-sale terminals, Pine Labs competes with firms such as Paytm and Walmart-owned PhonePe.
Pine Labs reported a profit of ₹26.14 crore for the nine months ended December 2024, off revenue of ₹1,208 crore.
| ₹crore | Q1FY26 | Q1FY25 | FY25 | FY24 | FY23 |
| PAT | 4.78 | -27.8 | -145.5 | -341.9 | -265.1 |
Why the company is making losses
– Scaling its ecosystem of merchants, consumer brands, enterprises, financial institutions, and partners
– Pursuing acquisitions to strengthen capabilities
– Expanding internationally across key markets
– Investing in technology and product development
Axis Capital, Morgan Stanley India, Citigroup Global, JPMorgan India, Jefferies India are the book running lead manager and Kfin Technologies is the registrar of the issue.
The allotment for the Pine Labs IPO is expected to be finalised on November 12, 2025, while the company’s shares will be listed on BSE and NSE with a tentative listing date fixed as November 14.
Also Watch | Amrish Rau, CMD & CEO, Pine Labsdiscusses the IPO and growth outlook in an interview with CNBC-TV18.
