Mumbai: Fintech major Pine Labs is all set to raise ₹3,900 crore from the equity markets with an IPO scheduled to open on November 7. The IPO comes five months after the company filed its papers to SEBI, when it initially intended to raise about ₹4,328 crore through the markets.
At a press briefing on Monday, Pine Labs CEO Amrish Rau said the company’s investors had chosen to retain a larger portion of their shareholdings, resulting in a smaller offer for sale.
“We were very clear that we want to continue to garner goodwill and get everybody’s support when we go out with this pricing,” Amrish said. “We believe we will be able to maintain that, because at the end of the day, it takes a village to come together to create a successful IPO.”
According to the Red Herring Prospectus (RHP), Pine Labs is looking to raise ₹3,900 crores, with ₹2,080 crore fresh shares to be issued along with an Offer For Sale of about 8.23 crore shares for the remainder. The price band is set at ₹210-221 per share, with a lot size of 67 and its multiples.
Existing investors in the company, including Paypal, Mastercard, Temasek and Peak XV Partners, are looking to sell a part of their holdings through the OFS.
As one of India’s leading payment infrastructure companies, Pine Labs has been expanding its payments infrastructure for years now, from a POS (point of sale) payment provider to an omnichannel one. It is one of the few Indian startups which have successfully expanded overseas, with over 15% of its revenues coming from abroad.
With the proceeds, the company aims to repay ₹ 530 crore of its debt, while also investing the rest in its subsidiaries Pine Payment Solutions Malaysia, Qwikcilver Singapore and Pine Labs UAE, besides other infrastructure investments.
Though the company has reported a significant rise in revenues, almost 27.5% year on year to ₹2,327 crore in FY25, the company isn’t profitable yet, with a net loss of ₹145 crore in FY25.
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