Pine Labs Cuts IPO Size to $237 Million Amid Shareholder Sell-Back

Pine Labs, an Indian fintech firm specializing in payment solutions, has trimmed the size of its IPO due to existing shareholders opting to sell fewer shares at the set price band, CEO Amrish Rau said. The IPO valuation has been set at $2.9 billion, significantly lower than the $5 billion valuation from its last fundraise in 2022. The company reduced the portion offered by existing investors by 44% and new shares by 20%, aiming to attract a broader merchant and partner community with a strategic pricing approach. Pine Labs plans to use the funds raised for technology, acquisitions, and international expansion, and it has recently turned profitable. The IPO is part of a busy primary market, with other tech-focused firms like Groww, Lenskart, and boAt also preparing share sales. Rau emphasized that the improved financial position allowed the company to reduce equity dilution and the need to cut debt.