Pine Labs Limited has filed its draft red herring prospectus for an Initial Public Offering (IPO), marking one of the largest listings in India’s FinTech space this year.
The IPO includes a fresh issue of equity shares worth Rs 2,080 crore and an offer for sale of up to 8.23 crore equity shares by existing shareholders, with the total valuation to be announced closer to the issue date.
The company, which has no identifiable promoter, emphasised its broad-based institutional ownership and professionally managed structure. The IPO will open for subscription on November 7, 2025, and close on November 11, 2025, with anchor investor bidding scheduled for November 6.
Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies India are acting as the book-running lead managers, while KFin Technologies will serve as the registrar.
The funds raised through the fresh issue will be directed toward strategic business priorities, including debt repayment, investment in global subsidiaries across Singapore, Malaysia, and the UAE, and enhancement of IT and cloud infrastructure.
The company also plans to allocate funds toward digital checkout systems, technology development, and potential inorganic growth opportunities. Proceeds from the offer for sale will go to the selling shareholders.
Founded with the vision of digitising commerce, Pine Labs has evolved into a leading payments and merchant commerce platform, providing digital payments, affordability solutions, and financial infrastructure for merchants and financial institutions.
Its platforms enable seamless integration of digital payments, dynamic currency conversion, loyalty management, and EMI programs, powering transactions across retail, travel, e-commerce, consumer electronics, and healthcare sectors.
As of June 2025, Pine Labs served over 9.8 lakh merchants, 716 consumer brands, and 177 financial institutions, including prominent names such as Croma and HDFC Bank.
With this IPO, the company aims to strengthen its technology backbone, expand its global footprint, and cement its position as a global leader in merchant and payment technology solutions.
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