Pine Labs IPO to Raise ₹3,890 Crore at ₹25,000-Crore Valuation
Leading merchant-commerce platform Pine Labs is set to enter the primary market with its initial public offering (IPO) opening on November 7, seeking to raise ₹3,890 crore. The issue values the company at around ₹25,377 crore at the upper end of the price band of ₹210–₹221 per share.
The Noida-based company, backed by PayPal, Mastercard, Sequoia Capital, Temasek Holdings, and Peak XV Partners, among others, will comprise:
A fresh issue of 9.41 crore shares worth ₹2,080 crore, and
An offer for sale (OFS) of 8.23 crore shares aggregating to ₹1,819.91 crore.
Like in other recent listings such as Lenskart and Groww, these investors stand to make significant windfall gains, given their low entry valuations and current market pricing.
Issue Structure & Investor Participation
The company has reduced the total issue size from its original draft red herring prospectus (DRHP), which had planned to raise ₹2,600 crore through the fresh issue. The OFS volume has also been cut from 14.78 crore shares to 8.23 crore.
Through the OFS, existing investors such as PayPal, Mastercard, Peak XV Partners, Actis Pine Labs Investment Holdings, and MacRitchie Investments will offload shares.
Co-founder Lokvir Kapoor will also pare a portion of his holdings in the IPO.
Company Overview & Timeline
The digital-payment-solutions company had filed its DRHP with SEBI on June 25, 2025, and received approval on September 11, 2025.
Founded in 1998, Pine Labs has evolved into one of India’s leading merchant-commerce platforms, offering payment solutions, merchant financing, and fintech services to retailers and enterprises nationwide.
Investor Outlook & Market Significance
Analysts expect strong subscription demand for Pine Labs’ IPO, given its robust merchant base, strategic investor backing, and expanding fintech ecosystem presence.
The issue marks another milestone in India’s digital-payments growth story, alongside peers in broking, wealth tech, and lending platforms.
For expert insights into fintech IPOs and digital-payments valuations, explore thought leadership from Ranjit Jha (CEO) — a leading voice in India’s investment and technology-driven finance sector.
To understand how such primary-market opportunities can complement your investment portfolio, connect with Rurash Financials — specialists in IPO advisory, wealth management, and funding solutions.