Fintech major Pine Labs is set to launch its initial public offering (IPO) on November 7, 2025, with plans to raise ₹2,080 crore through a fresh issue of equity shares, according to its Red Herring Prospectus (RHP). The issue will close on November 11, 2025, while the anchor investor bidding opens on November 6, 2025.
Offer Structure
The IPO will comprise a fresh issue of shares and an Offer for Sale (OFS) of up to 8.23 crore equity shares. Prominent existing investors — including Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek’s Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and co-founder Lokvir Kapoor — will divest part of their holdings through the OFS.
Use of Proceeds
The funds raised from the fresh issue will be used for:
- Debt repayment and prepayment,
- Investment in IT assets and cloud infrastructure,
- Technology development and enhancement, and
- Procurement of digital checkout systems.
Pine Labs also plans to channel part of the proceeds into its international subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to bolster its global operations.
Company Overview
Headquartered in Noida, Pine Labs is a leading merchant commerce and digital payments platform. The company enables payment acceptance, loyalty, and gifting solutions for merchants, consumer brands, and financial institutions across India, Malaysia, the UAE, Singapore, Australia, the US, and select African markets.
In FY25, Pine Labs was India’s largest issuer of closed and semi-closed loop gift cards by transaction value. It processed ₹11.42 lakh crore in payments across 5.68 billion transactions during the fiscal year. As of June 30, 2025, its network included 9.88 lakh merchants, 716 brands, and 177 financial institutions.
Issue Management
The IPO is being managed by Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India, while KFin Technologies will act as the registrar to the issue.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Investments in securities markets are subject to market risks. Please read all related documents carefully before investing.