IPO alert: Pine Labs plans to raise ₹2,080cr via fresh-issue
What's the story
Fintech giant Pine Labs is set to launch its initial public offering (IPO) on November 7. The company plans to raise ₹2,080 crore through a fresh issue of shares. The IPO will close on November 11, with anchor investors' bidding opening for a day on November 6. Along with the fresh issue, there will also be an Offer for Sale (OFS) of up to 8.23 crore equity shares by existing shareholders.
OFS details
Who are the shareholders participating in the OFS
The OFS will see participation from Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, and MW XO Digital Finance Fund Holdco. Other shareholders include Lone Cascade LP and Sofina Ventures S.A. Pine Labs co-founder Lokvir Kapoor is also among those divesting their shares in this fintech firm.
Fund allocation
How will Pine Labs use the money from fresh issue
Pine Labs intends to use the money from its fresh issue to repay debt, invest in IT assets, and spend on cloud infrastructure. The company also plans to use these funds for technology development initiatives and procurement of digital checkout points. Further, it will invest in its subsidiaries such as Qwikcilver Singapore and Pine Payment Solutions Malaysia with an eye on international expansion.
Business operations
What does Pine Labs do?
Pine Labs is a Noida-based tech company that digitizes commerce via digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Its tech infrastructure supports digital transactions in India as well as Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa. The company was India's largest issuer of closed/semi-closed loop gift cards by transaction value in FY2025 according to Redseer Report.
Growth statistics
Key financials and operational metrics for FY25
In FY25, Pine Labs processed payments worth ₹11.42 lakh crore across 5.68 billion transactions. By June 30, 2025, its platforms were used by more than 9.88 lakh merchants, 716 consumer brands/enterprises, and 177 financial institutions. The company's customer base spans sectors such as retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality, financial services, as well as public sector clients like municipal bodies and traffic departments.