Pine Labs sets IPO price band at ₹210–221 per share; aims to raise ₹3,900 crore
New Delhi: Fintech major Pine Labs has announced a price band of ₹210–₹221 per share for its upcoming initial public offering (IPO), which seeks to raise ₹3,900 crore and values the company at over ₹25,300 crore.
The IPO will open for public subscription on November 7 and close on November 11, while bidding for anchor investors will take place on November 6, the company said in its public announcement.
The issue includes a fresh share issue worth ₹2,080 crore and an Offer for Sale (OFS) of 8.23 crore equity shares—valued at ₹1,819.9 crore at the upper end—by existing investors.
Among the key shareholders divesting stakes through the OFS are Peak XV Partners, Actis (London), PayPal, Mastercard Asia/Pacific, Temasek (via 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.
Proceeds from the fresh issue will go toward debt repayment, investment in IT assets, technology development, cloud infrastructure, and procurement of digital checkout points. The company will also invest in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE to expand its international footprint.
Pine Labs had initially planned to raise ₹2,600 crore through a fresh issue and an OFS of up to 14.78 crore shares, as per its draft papers filed in June.
Headquartered in Noida, Pine Labs provides digital payment and issuing solutions for merchants, enterprises, consumer brands, and financial institutions. Its technology supports payment processing across India and markets including Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.
According to the Redseer Report, Pine Labs was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY2025. It also ranked among the top five in-store digital platforms and was a major processor for Bharat Connect transactions.
In FY2025, the company handled ₹11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions. As of June 30, 2025, its platform served 9.88 lakh merchants, 716 consumer brands, and 177 financial institutions across sectors such as retail, e-commerce, lifestyle, electronics, healthcare, travel, and public services.
Pine Labs’ client roster includes long-term partners such as Croma and HDFC Bank, with relationships spanning more than a decade.
The company competes domestically with Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe, while its global peers include Adyen, Shopify, and Block.
In terms of investor allocation, 75% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.
Pine Labs’ shares are scheduled to make their market debut on November 14.
Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the book-running lead managers, while KFin Technologies serves as the registrar for the issue.
