Pine Labs targets Rs 25,000 crore valuation in upcoming IPO, sets price band at Rs 210-221 per share

Merchant commerce platform Pine Labs has set a price band of Rs 210 to Rs 221 per share for its upcoming IPO, seeking a valuation of up to Rs 25,377 crore ($2.9 billion). The issue will open on November 7 and close on November 11, with the anchor book scheduled for November 6.

At the upper end of the range, the IPO will raise around Rs 3,900 crore ($439 million), a scaled-down version of the firm’s earlier plan for a $1 billion offering at a $6 billion valuation.

The offering includes a fresh issue of up to Rs 2,080 crore and an offer-for-sale of 8.23 crore shares by existing shareholders such as Peak XV Partners, PayPal, Madison India, and Mastercard.

According to the updated prospectus, Pine Labs trimmed both components of its IPO, with the fresh issue reduced from Rs 2,600 crore and the OFS from 14.78 crore shares earlier proposed. Peak XV cut its sale to 2.3 crore shares from 3.9 crore, while co-founder Lokvir Kapoor reduced his to 0.22 crore.

The offer includes a reservation for eligible employees, totaling up to Rs 25 crore. Employees bidding under this quota will receive a discount of Rs 21 per equity share on the final offer price. Retail investors can bid for a minimum of 67 equity shares and in multiples thereafter.

The offer will follow the book-building process, with allocation in line with Sebi norms: at least 75% of the net offer reserved for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Bidders (NIIs), and up to 10% for Retail Individual Investors (RIIs).

Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs offers digital payments, card issuance, and checkout solutions across India and international markets including Malaysia, the UAE, Singapore, Australia, the US, and Africa.

Proceeds from the fresh issue will go toward repaying borrowings (Rs 532 crore), investments in subsidiaries (Rs 60 crore), and technology and IT infrastructure (Rs 760 crore), including digital checkout systems and cloud upgrades.

Pine Labs turned a net profit of Rs 4.8 crore in Q1 FY26, aided by a tax credit of Rs 9.6 crore, compared with a loss of Rs 27.9 crore in the same quarter last year. Revenue from operations rose 18% year-on-year to Rs 616 crore.

Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies India have been appointed as the book-running lead managers (BRLMs). The fintech firm's shares are expected to list on November 14, 2025.