Pine Labs to launch IPO on Nov 7; aims to raise ₹2,080 cr via fresh issue

Fintech firm Pine Labs is gearing up to launch its initial public offering (IPO) on November 7, aiming to raise Rs 2,080 crore through fresh issue of shares.

The company's maiden public offering would conclude on November 11. The bidding for anchor investors will open for a day on November 6, according to the red herring prospectus (RHP).

Apart from fresh issue, there would be an Offer for Sale (OFS) of up to 82.3 million equity shares.

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.

Proceeds from the fresh issue will be used by the company to repay debt, investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points.

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.

Earlier, the company was looking to mobilise Rs 2,600 crore via fresh issue, with an additional OFS component of up to 14.78 crore shares by existing shareholders, as per the draft papers filed in June.

Noida-based Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and 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 FY25, the company processed payments worth Rs 11.42 trillion 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 the overseas markets.

Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, Jefferies India are the book running lead managers while KFin Technologies is the registrar for the IPO.