Pine Labs Files IPO, Reveals Profit and Exits

Pine Labs, a leading Indian fintech company, has filed a draft red herring prospectus with SEBI for an IPO aiming to raise Rs 2,600 crore ($304 million) through a fresh issue of shares, along with an offer for sale of up to 147.8 million shares by investors including Peak XV Partners, PayPal, Mastercard, and Temasek. The IPO could value Pine Labs between $4 billion and $6 billion, with an option for a pre-IPO placement of up to Rs 520 crore. Proceeds from the fresh issue will be used for debt repayment, investments in overseas subsidiaries in Southeast Asia and West Asia, technology expansion, and scaling international operations. Peak XV Partners is offering the largest portion of shares in the OFS, facilitating significant partial exits. Pine Labs reported revenue growth in FY24 and achieved profitability in the nine months ended December 2024. The company is also focusing on fintech infrastructure and launching new credit solutions at checkout as part of its global growth strategy.