Pine Labs IPO to Open this Friday, Expert Suggests Strong Institutional Investor Participation Existing investors such as PayPal, Mastercard, Actis Pine Labs Investment Holdings, and Peak XV Partners are set to offload their shares in the OFS, along with Pine Labs co-founder Lokvir Kapoor.

Pine Labs- the Noida-based fintech company will launch its initial public offering (IPO), on 7 November 2025, with the company aiming to raise close to INR 3,899.91 crore. The IPO has been set at INR 210-221 per share, taking its valuation to INR 25,377 crore at the upper end of the price band.

The allotment of shares is expected to be done on 12 November, a day after the issue will close for subscription.

The IPO will consist of a fresh issue of 9.41 crore shares worth INR 2,080 crore, with an offer for sale (OFS) component of 8.23 shares that will aggregate to INR 1,819.91 crore. Before this, the company had originally proposed to raise close to INR 2,600 crore through the fresh issue option, but has since reduced the size.

Existing investors such as PayPal, Mastercard, Actis Pine Labs Investment Holdings, and Peak XV Partners are set to offload their shares in the OFS, along with Pine Labs co-founder Lokvir Kapoor.

Pine Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, and is now one of India's leading commerce platforms with a presence in Southeast Asia and the Middle East. In India, clientele in SBI, HDFC, D Mart, Samsung, LG, Amazon, and Flipkart, Marriott, top petroleum majors, and "top 3 companies in most sectors," according to company CEO, Amrish Rau.

Prominent investor Shailendra Jit Singh, Managing Director of Peak XV Partners, also features on the company board as a Non-executive, Nominee Director.

With the funds raised through the offering, Pine Labs aims to repay borrowings by the company and its subsidiaries. The aggregated total outstanding borrowing is INR 836.63 crores, of 31 August.

The funds will also be used to invest in Pine Labs subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE. The company will invest close to INR 60 crore in its overseas growth plans, as well as acquire "platform operating segments" in the company's key operational geographies outside India. It has also proposed to invest INR 760 crore towards IT, cloud infrastructure, technology, and development.

The company's international presence and sales recorded accounted for a major part of overall revenues in the previous fiscal: 21 per cent from Southeast Asia and 23 per cent from the Middle East.

Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the book-running lead managers (BRLMs) for the issue, while KFin Technologies will be the registrar for the IPO.

Arvind Vasishta, Managing Director, Head of India Equity Capital Market for Citigroup Global Markets India Private Limited, said that the group expects a "very strong response from institutional investors."

Amrish Rau added that the company operates in two large business units in digital infrastructure and transaction business units, and that almost 70 per cent of its revenue comes from the former part of the business.

Apart from digital payments and POS, hardware payments, Rau also sees positive trends in wearable payments. "I think there's a very interesting trend that is already happening with wearable payments, in terms of ring-based payments, or (even) eyewear. There are many interesting trends globally where, based on tokenization, face identification, and palm identification, all of those trends will continue", said Rau.

The total payments processed by the company in FY25 stood at INR 11.42 lakh crore in gross transaction value (GTV), with over 5.68 billion transactions. Pine Labs said today that it has already recorded close to 1.8 billion transactions for 3M FY26, a 56 per cent 3M Y-o-Y increase.

Pine Labs also projects a ~26 per cent CAGR market growth for the period FY24-28. The company's capital expense, excluding ESOPs expenses, stayed linear at 21 per cent from FY23 - 3M FY26.

The company's capital expenditure (CAPEX) also has seen a decrease, down from 23 per cent of revenue in FY23 to 7 per cent in FY25 and 6 per cent in 3M FY26 at INR 36 crores. The company also reported a positive profit/loss before tax, with losses going down from INR 289.5 crore in FY 23 to INR 4.8 crore in 3M FY26.