Pine Labs Sets Nov. 7 IPO, Targets Rs 2,080 Crore Fresh Issue With Large OFS

The RHP scales back June’s plan, with proceeds slated for debt reduction, technology upgrades, and overseas expansion.

Overview

The public offer runs November 7–11 with anchor bidding on November 6, comprising a Rs 2,080 crore fresh issue and an OFS of up to 8.23 crore shares.
Selling shareholders in the OFS include Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures SA, and co-founder Lokvir Kapoor.
Primary proceeds will fund debt repayment, IT and cloud infrastructure, technology development, digital checkout device procurement, and investments into Qwikcilver (Singapore), Pine Payment Solutions (Malaysia), and Pine Labs UAE.
The offer is smaller than June’s draft plan that proposed a Rs 2,600 crore fresh issue and an OFS of up to 14.78 crore shares.
Pine Labs reported FY25 GTV of Rs 11.42 lakh crore across 5.68 billion transactions, served about 9.88 lakh merchants, and was cited by Redseer as India’s largest gift card issuer by transaction value.