Daijiworld Media Network – New Delhi
New Delhi, Nov 1: Fintech major Pine Labs is set to make its stock market debut with a Rs3,500 crore initial public offering (IPO) on November 7, marking one of the most anticipated listings in India’s digital payments sector this year.
According to updated regulatory filings, the Noida-based company has trimmed its fresh issue size to Rs2,080 crore from the earlier proposed Rs2,600 crore. The offer-for-sale (OFS) component has also been reduced to 8.23 crore shares from 14.78 crore, pegging its value at around Rs1,500 crore.
The final price band and valuation details are expected to be announced on Monday, according to sources familiar with the matter.
Pine Labs, which counts Peak XV Partners, Actis, PayPal, Mastercard Asia Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, MW Xo Digital Finance Fund, Lone Cascade, Sofina Ventures, and cofounder Lokvir Kapoor among its shareholders, will see partial stake dilution from these investors through the OFS route.
Proceeds from the fresh issue will primarily be used for debt repayment, investment in IT assets, cloud infrastructure, technology development, and procurement of digital checkout systems. Earlier filings had indicated plans to use the funds for international expansion through subsidiaries in Singapore, Malaysia, and the UAE.
A pioneer in India’s digital payments ecosystem, Pine Labs offers merchant payment, gift card issuance, and checkout solutions to over 9.88 lakh merchants and 716 consumer brands across sectors including retail, lifestyle, healthcare, and travel.
In FY25, Pine Labs processed Rs11.42 trillion in gross transaction value across 5.68 billion transactions, cementing its position as India’s largest issuer of closed and semi-closed loop gift cards by transaction value.
With a growing footprint across Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa, Pine Labs’ upcoming IPO is expected to be closely watched as a bellwether for India’s fintech sector amid renewed investor appetite for digital-first businesses.