Pine Labs IPO: Files Draft Papers with SEBI for ₹2,600 Crore Offering

Fintech firm Pine Labs has taken a significant step towards going public by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 26, 2025. 

Pine Labs IPO: Breakdown of the IPO Structure

Filing its DRHP with the market regulator has moved the Pine Labs IPO a step further. Through this IPO, the company seeks to raise ₹2,600 crore ($304 million), while existing investors aim to offload 14.78 crore equity shares, as per the Bloomberg Report. 

The proposed offering includes a fresh issue of shares worth ₹2,600 crore and an offer for sale by early investors, including PayPal, Mastercard, Peak XV Partners, and Macritchie Investments. The company may also consider a pre-IPO placement of shares worth up to ₹520 crore, which would reduce the size of the fresh issue proportionately.

Use of Proceeds from Fresh Issue

According to the DRHP, Pine Labs intends to allocate the funds raised from the fresh issue towards repayment of debt and investments in its international subsidiaries. These include Qwikcilver in Singapore, Pine Payment Solutions in Malaysia, and Pine Labs UAE. This aligns with the company’s ongoing goal to strengthen global operations and reduce financial liabilities.

Management and Strategic Advisors

The IPO will be led by a team of well-known investment banks, including Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies. These advisors will oversee the issuance, guide pricing, and aid in regulatory compliance to ensure a smooth listing process.

Read More: Capillary Technologies Files Draft Papers With SEBI for IPO!

Shift in IPO Strategy and Market Position

This IPO marks a strategic shift from Pine Labs’ previous consideration of a $1 billion listing. The company, last valued at $5 billion in 2022, received SEBI’s approval in April 2025 to move its domicile from Singapore to India, simplifying its listing journey.

Diversifying Revenue Streams

Pine Labs is known for its Point of Sale (PoS) terminal solutions but is steadily diversifying into segments such as online payments via Fave, Buy Now Pay Later (BNPL), invoice management, and digital gifts. These efforts are aimed at ensuring long-term sustainability and growth in the fintech space.

Conclusion

Pine Labs’ ₹2,600 crore IPO filing with SEBI signals its strategic move towards becoming a listed entity. With backing from top global and local investors, a revamped listing approach, and a clear investment roadmap, the fintech firm aims to solidify its global presence while exploring new possibilities across digital payments and merchant solutions.

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