Pine Labs IPO to Debut on November 7, to Raise ₹2,080 Crore Via Fresh Issue

Fintech firm Pine Labs will open its initial public offering (IPO) on November 7, 2025, aiming to raise ₹2,080 crore through a fresh issue of shares. The issue will close on November 11, 2025, while the bidding for anchor investors will open on November 6, 2025, according to the Red Herring Prospectus (RHP).

Offer Details

Pine Labs IPO will include a fresh issue and an Offer for Sale (OFS) of up to 8.23 crore equity shares. Existing investors such as Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek’s Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and co-founder Lokvir Kapoor will sell part of their holdings through the OFS.

Use of Proceeds

Funds raised from the fresh issue will be used for debt repayment, investment in IT assets, and cloud infrastructure. The company will also allocate a portion towards technology development and procurement of digital checkout points. 

Pine Labs plans to invest in its subsidiaries, Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to support its international operations.

Company Background

Headquartered in Noida, Pine Labs provides digital payment and merchant commerce solutions. Its systems facilitate transactions for merchants, consumer brands, and financial institutions in India and markets such as Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.

Market and Operations

According to the reports, Pine Labs was India’s largest issuer of closed and semi-closed loop gift cards by transaction value in FY25. It processed payments worth ₹11.42 lakh crore across 5.68 billion transactions during the year. As of June 30, 2025, its platform was used by 9.88 lakh merchants, 716 brands, and 177 financial institutions.

Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the lead book-running managers, with KFin Technologies acting as the registrar.

Read More: Upcoming IPO: Shadowfax Technologies Files Updated Draft Papers with SEBI for ₹2,000 Crore IPO!

Conclusion

The IPO, opening on November 7, 2025, will be the company’s first public issue and is set to conclude on November 11, 2025.

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