Pine Labs Gets SEBI Nod For Its Public Listing

Pine Labs IPO: Price Band Set At INR 210-221

SUMMARY

The markets regulator issued observations to the fintech company on Thursday (September 11), as per the updates on SEBI website

Pine Lab's IPO comprises a fresh issue of shares worth up to INR 2,600 Cr ($304 Mn) and an offer for sale (OFS) of up to 14.78 Cr shares

Mastercard, Peak XV Partners, Macritchie Investments, Paypal, Pine Labs cofounder Lokvir Kapoor, among others, plan to offload shares via the OFS

Fintech major Pine Labs has received the approval from the Securities and Exchange Board of India (SEBI) for its public listing.

The markets regulator issued observations to the fintech company on Thursday (September 11), as per the updates on SEBI website.

In SEBI’s parlance, issuance of observation is a go ahead to proceed with the public issue.

The fintech major filed its draft red herring prospectus (DRHP) with the markets regulator at the end of June. Its proposed public offering would comprise fresh issue of shares worth up to INR 2,600 Cr ($304 Mn) and an offer for sale (OFS) of up to 14.78 Cr shares. Mastercard, Peak XV Partners, Macritchie Investments, Paypal, Pine Labs cofounder Lokvir Kapoor, among others, plan to offload shares via the OFS.

It plans to utilise the proceeds from the fresh issue to repay certain borrowings, invest in IT and cloud assets, expand its cloud infrastructure, and bolster its international presence with investments in subsidiaries Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE.

Founded in 1998 by Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers comprehensive payment solutions, including point-of-sale (PoS) terminals and online payment gateways, serving over 5 Lakh merchants across India, the Middle East, and Southeast Asia.

On the financial front, Pine Labs reported a net profit of INR 26.1 Cr in the first nine months of FY25 (9MFY25) as against a loss of INR 151.6 Cr in the same period last fiscal. Its topline jumped 23% YoY to INR 1,208.2 Cr in the period under review.

With the go-ahead, the fintech major is now expected to soon file its red herring prospectus with the SEBI. While official timeline for the company’s IPO are yet to be revealed, CEO Amrish Rau had said in March that the company is eyeing listing on the bourses in the second half of 2025. The company’s total IPO size is Pine Labs is speculated to be around $1 Bn for a targeted valuation between $6 Bn and $8 Bn for the IPO.