Upcoming IPO: Pine Labs Secures SEBI Nod of Up to $1 Bn Public Offering

Fintech powerhouse Pine Labs has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). According to an update posted on the SEBI website, the market regulator issued its observations on September 11, which effectively serves as a clearance to move forward with the public listing process.

Pine Labs IPO Details

Pine Labs had earlier filed its Draft Red Herring Prospectus (DRHP) in late June. The upcoming IPO will include a fresh issue of equity shares worth up to ₹2,600 Cr (approximately $304 Mn), along with an offer for sale (OFS) of up to 14.78 Cr shares.

Key stakeholders, including Mastercard, Peak XV Partners, Macritchie Investments, PayPal, and cofounder Lokvir Kapoor, are expected to divest part of their holdings through the OFS route.

Use of IPO Proceeds

Pine Labs plans to deploy the capital raised from the fresh issue toward:

• Repayment of certain outstanding borrowings
• Investment in IT and cloud infrastructure
• Expansion of its global footprint through subsidiaries, including Qwikcilver (Singapore), Pine Payment Solutions (Malaysia), and Pine Labs UAE

About Pine Labs

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs provides end-to-end payment solutions such as point-of-sale (PoS) devices and online payment gateways. The company currently provides services to over 500,000 merchants across India, the Middle East, and Southeast Asia.

In the first nine months of FY25 (9MFY25), Pine Labs posted a net profit of ₹26.1 Cr, marking a strong turnaround from a net loss of ₹151.6 Cr during the same period last fiscal. The company’s revenue surged 23% year-on-year, reaching ₹1,208.2 Cr during the reporting period.

Also Read: Upcoming IPOs in September 2025: 1 Mainboard and 7 SME IPO Set to Launch till Date

Conclusion

With SEBI’s go-ahead, the company is now expected to file its Red Herring Prospectus (RHP) in the coming weeks, marking the next step toward its much-anticipated public debut.

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