Pine Labs IPO: Fintech firm to raise ₹3,900 crore at ₹25,377 crore valuation; price band fixed at ₹210–₹221 per share

Fintech major Pine Labs is set to hit the primary market with its much-anticipated initial public offering (IPO) on November 7, 2025, seeking to raise ₹3,899.91 crore. The Noida-based company has fixed the price band at ₹210–₹221 per share, valuing the company at around ₹25,377 crore at the upper end of the issue price.

The issue will close for subscription on November 11 and the shares are likely to be listed on the BSE and NSE on November 14, 2025. The allotment of shares is expected to be finalised on November 12, 2025.

The IPO comprises a fresh issue of 9.41 crore shares worth ₹2,080 crore and an offer for sale (OFS) of 8.23 crore shares aggregating to ₹1,819.91 crore. Notably, the company has reduced the total issue size from what was originally proposed in its DRHP, where it had planned to raise ₹2,600 crore through a fresh issue. Under the OFS, existing shareholders had proposed to divest up to 14.78 crore shares.

Existing investors, including PayPal, Mastercard, Peak XV Partners, Actis Pine Labs Investment Holdings, and MacRitchie Investments, will offload shares through the OFS route. Co-founder Lokvir Kapoor will also pare equity shares in the IPO.

The digital payment solutions company had filed its draft red herring prospectus (DRHP) with Sebi on June 25, 2025, and received its approval on September 11, 2025.

Investors can bid for a minimum of 67 shares and in multiple thereafter. The minimum bid size for retail investor is ₹14,807 for one lot.

Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms, offering payment solutions, merchant financing, and other fintech services to retailers and enterprises. Over the years, it has expanded into Southeast Asia and the Middle East, with key investors including Sequoia Capital, Temasek Holdings, and Mastercard.

As per the DRHP, the fintech firm intends to use the capital raised from fresh equities to repay certain borrowings availed by the company and its subsidiaries. The firm proposes to utilise an estimated amount of up to ₹530 crore to repay debt availed by the company. As of August 31, 2025, the aggregate outstanding borrowings of the company stood at ₹836.63 crore.

A part of the capital will be utilised to invest in subsidiaries—Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE—to expand its presence outside India. It will invest up to ₹60 crore in its overseas growth initiatives to strengthen its international presence in both digital infrastructure and transaction platforms, as well as issuing and acquiring platform operating segments in its key international markets, such as the Middle East and Southeast Asia.

The company proposes to invest ₹760 crore in IT assets, expenditure towards cloud infrastructure, technology development initiatives, and the procurement of DCPs.

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