Indian fintech firm Pine Labs is set to launch its initial public offering (IPO) on November 7, 2025, with the subscription window closing on November 11. The anchor book is scheduled to open a day earlier, on November 6. However, the company has pared down the size of the offering compared to its initial plans.
The IPO will consist of a fresh issue of equity shares worth Rs 2,080 crore (approximately $236.65 million) and an offer-for-sale (OFS) of 82.35 million shares by existing investors. This is a reduction from the earlier plan in June, which included a fresh issue of Rs 2,600 crore and an OFS component of up to 147.8 million shares.
Several high-profile shareholders will be trimming their stakes through the OFS, including Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures SA, and Pine Labs Co-founder Lokvir Kapoor.
The company intends to use the proceeds from the fresh issue to several key areas. These include repaying existing debt, funding investments in technology and cloud infrastructure, supporting the procurement of digital checkout devices, and financing product development initiatives. Part of the funds will also be channeled into Pine Labs' overseas subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to strengthen its international presence.
Pine Labs, based in Noida, is 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 and international markets like Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa. According to a Redseer Report, Pine Labs was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY25.
The book-running lead managers for the IPO include Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India.
The IPO is being launched under Regulation 6(2) of SEBI's ICDR regulations, as it does not fulfill the requirements under Regulation 6(1) of the same framework. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The company has allocated 10% of the issue to retail investors, with the remaining portion divided among institutional and non-institutional categories.
In FY25, Pine Labs reported a 28.5% year-on-year growth in revenue to Rs 2,274 crore, up from Rs 1,769 crore in FY24. The company also reduced its net losses by 57% to Rs 145 crore during the same period. Notably, Pine Labs achieved profitability in the first quarter of FY26, posting a net profit of Rs 4.7 crore.
The Indian primary market is currently experiencing a flurry of activity, with several other tech firms also planning listings.
