India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), has approved the initial public offering (IPO) of fintech firm Pine Labs, according to a document on SEBI’s website.
Pine Labs is looking to raise around Rs 2,600 crore through a combination of a fresh share issue and an offer for sale (OFS) of up to 147.8 million shares, as per an Economic Times report in June. The total IPO size could be worth about $1 billion, with the company seeking a valuation of up to $4–6 billion.
The company plans to use the IPO proceeds to invest in its overseas units, develop new technology, and reduce its debt.
Pine Labs filed its draft IPO papers with SEBI in June 2025. SEBI issued its observation letter, effectively greenlighting the IPO, on September 11, 2025.
According to its draft red herring prospectus, Pine Labs crossed a Rs 100 crore monthly revenue run rate and turned profitable in the first nine months of 2025. It posted a net profit of Rs 26 crore on an operating revenue of Rs 1,208 crore during this period. The company has raised over $1 billion in venture funding so far.
Pine Labs provides full-stack payment solutions, including point-of-sale machines for merchants to accept card payments. It competes with other major players in the payments sector, such as Paytm and PhonePe. It will be the third venture-funded payments company to list on Indian stock exchanges.
Background and Context
Pine Labs’ journey to the public markets has been long and eventful. The digital payments company had first tried to go public in 2022 through a confidential filing with the U.S. Securities and Exchange Commission but later dropped its plans. In May 2024, it secured approval from a Singapore Court to shift its base to India, clearing the way for a domestic listing. A year later, it filed its draft red herring prospectus (DRHP) with SEBI, outlining a Rs 2,600 crore fresh issue and an additional Rs 14.78 crore worth of shares through an OFS.
Several existing investors will sell part of their holdings in the IPO. These include Peak XV Partners, Actis Pine Labs Investment Holdings, Macritchie Investments, PayPal and Mastercard Asia/Pacific, with Peak XV being the largest shareholder at 20.4%. The company has said it will channel Rs 870 crore from the IPO proceeds towards repaying loans, Rs 60 crore to expand its overseas arms such as Qwikcilver Singapore, Pine Payments Solutions Malaysia, and Pine Labs UAE, and Rs 760 crore into technology upgrades, cloud systems, and new digital checkout points. The remaining funds will be used for general corporate needs and potential acquisitions.
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Business Scale, Financials and Risks for Pine Labs
Pine Labs today operates across India, Malaysia, the Middle East, Australia, the US and Africa. It provides infrastructure for in-store and online payments, as well as issuing and acquiring platforms that allow brands to create prepaid products. The…
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