Overview

• SEBI issued its observation letter on September 11, 2025, paving the way for the listing with Axis Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India and Jefferies India as book-running lead managers.
• The offer includes a fresh issue of Rs 2,600 crore and an offer for sale of up to 147.8 million shares by existing holders such as Peak XV Partners, Temasek, Actis, PayPal, Mastercard, Invesco, Madison India Capital, Lightspeed, MW XO Digital Finance and Lone Pine’s Lone Cascade.
• Proceeds are earmarked to repay or prepay about Rs 870 crore of borrowings, invest in Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE, and upgrade cloud, digital checkout and IT systems.
• The company may consider a pre-IPO placement of up to Rs 520 crore subject to regulatory and board approvals.
• Pine Labs reported a FY25 net profit of Rs 44.97 crore after prior losses, with total income at Rs 1,735.1 crore and, in the nine months ended December 31, 2024, processed Rs 7,53,105 crore in GTV across 3.97 billion transactions.