Pine Labs to launch ₹2,080 crore IPO on November 7
New Delhi: Fintech major Pine Labs is set to launch its initial public offering (IPO) on November 7, aiming to raise ₹2,080 crore through a fresh issue of shares.
According to the red herring prospectus (RHP), the issue will close on November 11, while the anchor investor bidding will open for a day on November 6. In addition to the fresh issue, the IPO will include an Offer for Sale (OFS) of up to 8.23 crore equity shares.
Key existing investors, including Peak XV Partners, 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 co-founder Lokvir Kapoor, will offload part of their holdings under the OFS.
The company plans to utilize the proceeds from the fresh issue for debt repayment, investment in IT assets, cloud infrastructure, technology development, and procurement of digital checkout systems. Funds will also be deployed to strengthen its international operations through subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE.
Earlier, the fintech had proposed to raise ₹2,600 crore via a fresh issue and an OFS of up to 14.78 crore shares, as per its draft prospectus filed in June.
Headquartered in Noida, Pine Labs focuses on digitizing commerce by offering digital payments, merchant issuing solutions, and financial technology services to merchants, brands, enterprises, and financial institutions.
Its payment infrastructure supports transactions in India, Malaysia, UAE, Singapore, Australia, the US, and parts of Africa.
As per 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 was also recognized among the top five in-store digital platforms and a key digital affordability enabler at checkout points.
In FY25, Pine Labs processed payments worth ₹11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions. As of June 30, 2025, its platforms were used by 9.88 lakh merchants, 716 consumer brands, 177 financial institutions, and multiple public sector clients.
Its clientele spans industries such as retail, e-commerce, electronics, lifestyle, healthcare, travel, hospitality, and financial services. The firm maintains long-term partnerships with major brands including Croma and HDFC Bank.
Pine Labs competes with Paytm, Razorpay, Infibeam, PayU, and PhonePe in India, and with Adyen, Shopify, and Block internationally.
The IPO is being managed by Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India, with KFin Technologies as the registrar.
