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Pine Labs Files for Rs 2,600 Crore IPO, Targets $5–6 Billion Valuation

Having returned to profitability, Pine Labs plans to use proceeds for debt reduction, technology upgrades, overseas expansion.

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Overview

  • The fintech unicorn filed its draft red herring prospectus with SEBI on June 26 to raise up to Rs 2,600 crore through a fresh equity issue and an offer for sale of 14.78 crore shares
  • Pine Labs is seeking a valuation between $5 billion and $6 billion while enabling investors such as Peak XV Partners, Temasek and PayPal to divest via the OFS
  • After posting a Rs 151.63 crore loss in the first nine months of FY24, Pine Labs turned profitable in 9M FY25 with a net profit of Rs 26.14 crore on 26.6% revenue growth
  • Proceeds will be allocated to pare approximately Rs 870 crore of debt, enhance cloud infrastructure and digital platforms, and fund its overseas subsidiaries
  • The company’s payments platform supports over 915,000 merchants, 666 consumer brands and 164 financial institutions across India, Southeast Asia and the Middle East