 "India's Pine Labs eyes up to $6 bn valuation in $1 bn IPO")
Indian fintech firm Pine Labs is aiming to raise up to $1 billion through an initial public offering that could value the company as high as $6 billion, according to a person familiar with the matter.
The company plans to issue new shares worth 26 billion rupees ($304 million), while existing shareholders including Peak XV, PayPal, and Mastercard will sell up to 147.8 million shares, according to draft documents filed with India’s market regulator.
Pine Labs, which provides payment solutions such as point-of-sale machines for card transactions, is targeting a valuation between $5 billion and $6 billion, the person said on condition of anonymity. The company was last valued at $5 billion during a funding round in 2022.
Proceeds from the IPO will be used to invest in Pine Labs’ overseas subsidiaries, fund technology development, and reduce debt, the filings said.
The IPO comes amid signs of recovery in India’s equity markets, which have had a sluggish start to the year. Foreign investors, who had pulled back significantly in recent months, are beginning to return, lured by large block deals that analysts say could signal a rebound in IPO activity.
Despite the recent uptick, IPO proceeds in India are down 4.2 per cent so far this year compared with the same period in 2023, and the number of offerings has dropped by nearly 29 per cent, according to LSEG data through mid-June.
Impact Shorts
More ShortsThe Nifty 50 index has gained 8 per cent in 2025, though it remains 3 per cent below its all-time high reached in September.
This week, six IPOs opened for bidding, including a $1.5 billion offering from HDB Financial, which would be the largest by a non-bank lender in India.
According to its prospectus, Pine Labs reported revenue of 13.41 billion rupees for the fiscal year 2024, up slightly from 12.91 billion rupees the previous year. However, losses widened to 1.87 billion rupees from 562 million.
Morgan Stanley, Citi, and Jefferies are among the bookrunners for the offering.
With inputs from Reuters
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