Fintech giant Pine Labs is ready to hit the market with its much-awaited Initial Public Offering (IPO) on November 7.
The public issue will close on November 11, with bidding for anchor investors opening a day earlier, on November 6.
The company plans to raise Rs 2,080 crore through a fresh issue of shares.
Alongside, there will also be an Offer for Sale (OFS) of up to 8.23 crore equity shares by existing investors.
Major Investors to Offload Stakes
Under the OFS, several big names such as Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, Sofina Ventures, and Pine Labs co-founder Lokvir Kapoor will sell part of their holdings.
The proceeds from the fresh issue will be used for:
Repaying debt
Investing in IT assets and cloud infrastructure
Technology development
Expanding digital checkout solutions
Pine Labs also plans to invest in its international subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE to strengthen its global footprint.
Pine Labs’ Strong Market Presence
Headquartered in Noida, Pine Labs is known for enabling digital payments and commerce solutions for merchants, brands, enterprises, and financial institutions.
Its systems handle transactions in India and across international markets like Malaysia, UAE, Singapore, Australia, the US, and parts of Africa.
According to a Redseer report, Pine Labs is:
The largest issuer of gift cards in India (FY2025)
Among the top five in-store digital payment platforms
A leading digital affordability enabler
In FY25, the company processed Rs 11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions.
Its platform currently supports over 9.88 lakh merchants, 716 consumer brands, and 177 financial institutions.
Pine Labs works across multiple sectors—retail, e-commerce, healthcare, travel, electronics, hospitality, and even with public sector clients such as municipal bodies. Some of its long-term partners include Croma and HDFC Bank.
Competition and Key IPO Managers
In India, Pine Labs competes with Paytm, Razorpay, PhonePe, Infibeam, and PayU, while globally it faces players like Adyen, Shopify, and Block.
Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies India are the book-running lead managers, with KFin Technologies acting as the registrar for the IPO.
