NEW DELHI: Fintech major Pine Labs, which is set to launch its initial public offering (IPO) this week, plans to expand its footprint in global markets as part of its long-term growth strategy, Chairman and CEO Amrish Rau said.
“We want to take our fintech platform global. Our focus will be on select markets such as Southeast Asia and the Middle East, where we aim to expand operations and onboard new clients,” Rau told PTI.
The Noida-based company provides digital payment and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Its technology currently supports transactions across India and 20 international markets, including Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.
“By expanding in these regions, we expect to scale operations, strengthen partnerships, and drive broader adoption of our product suite,” Rau said.
In FY25, Pine Labs recorded operating revenue of ₹2,274 crore, with international markets contributing ₹338 crore (15%), up 28% year-on-year from ₹1,769 crore in FY24. The company’s adjusted EBITDA (before ESOPs) rose to ₹357 crore from ₹158 crore the previous year, and it turned profitable in the June quarter with a net profit of ₹4.78 crore versus a loss of ₹28 crore a year earlier.
“I’m not worried about the profitability aspect anymore,” Rau added.
The company’s ₹3,900-crore IPO will open for subscription on November 7 and close on November 11, with anchor allotments on November 6. It has set a price band of ₹210–₹221 per share, targeting a valuation of over ₹25,300 crore.
Pine Labs has reduced the issue size compared to earlier plans. The fresh issue now stands at ₹2,080 crore, while the Offer for Sale (OFS) comprises 8.23 crore shares worth ₹1,819.9 crore.
Rau attributed the smaller IPO size to lower debt and investors retaining larger shareholdings. The company’s debt fell to ₹836.63 crore as of August 31, 2025, from ₹888.7 crore at the end of June.
“With reduced debt, we didn’t need a large primary issue,” Rau said. “We’ve also priced the IPO to attract strong retail participation and maintain goodwill among investors.”
Under the OFS, shareholders including Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek, Invesco, Madison India Capital, Sofina Ventures, and co-founder Lokvir Kapoor will divest stakes.
Proceeds from the fresh issue will be used for debt repayment (₹532 crore), technology upgrades and cloud infrastructure (₹760 crore), and investments in overseas subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE (₹60 crore).
According to Redseer, Pine Labs was India’s largest issuer of closed and semi-closed loop gift cards in FY25 by transaction value. It also ranked among the top five in-store digital payment platforms and a leading processor for Bharat Connect transactions.
In FY25, the firm processed ₹11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions. As of June 2025, it served 9.88 lakh merchants, 716 consumer brands, and 177 financial institutions across sectors including retail, e-commerce, lifestyle, healthcare, travel, and public services.
Pine Labs counts Croma, HDFC Bank, and several top banks and retailers among its clients—many of which have decade-long partnerships.
Competing with Paytm, Razorpay, Infibeam, PayU, PhonePe in India and Adyen, Shopify, and Block internationally, Pine Labs is set to make its stock market debut on November 14.
