Pine Labs Eyes IPO In Second Half Of 2025

SUMMARY

Pine Labs is eyeing the launch of its initial public offering (IPO) in the second half of 2025

Despite the ongoing correction in the Indian market, the company will remain committed to its IPO timeline

This would be Pine Labs’ second attempt at going public. Previously, it planned to list on the US exchanges but deferred the IPO

Fintech major Pine Labs is eyeing the launch of its initial public offering (IPO) in the second half of 2025, its CEO Amrish Rau said.

Despite the ongoing correction in the Indian market, the company will remain committed to its IPO timeline, Rau told Reuters.

“We would want to go for an IPO in the second half of this year,” the CEO said, emphasising the focus on building a long-lasting company.

“I really shouldn’t be swayed by market conditions and should be more focussed on building a company which is here to last for long,” he was quoted as saying.

While Rau didn’t disclose the size of the IPO, the report, citing sources, said that Pine Labs is eyeing a $1 Bn public issue. It would comprise an issue of fresh equity shares as well as an offer for sale.

The company was last valued at $5 Bn in 2022 and reports have suggested that it would be targeting a valuation between $6 Bn and $8 Bn for the IPO.

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers comprehensive payment solutions, including point-of-sale terminals and online payment gateways, serving over 5 Lakh merchants across India, the Middle East, and Southeast Asia. The company is backed by the likes of Peak XV Partners, Temasek, PayPal, and Mastercard.

This would be Pine Labs’ second attempt at going public. Previously, it planned to list on the US exchanges but deferred the IPO.

Ahead of the IPO in India, the company is looking to reverse flip. In August last year, it received the initial approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India.

On the financial front, Pine Labs’ India business reported an operating revenue of INR 1,317 Cr in the financial year ending March 2024 (FY24) as against INR 1,281 Cr in FY23. However, its net loss widened to INR 187 Cr in FY24 from INR 56 Cr in the previous fiscal year.

If successful, Pine Labs’ IPO would be the largest by an Indian fintech company after Paytm’s $2.5 Bn listing in 2021.