One of the biggest listings in India’s fintech space this year, Pine Labs is set to launch its initial public offering (IPO) of up to USD 700 million (~INR 6,667 crore) in October 2025 around Diwali.
A Smaller But Not Lesser Offering
Pine Labs had planned a USD 1 billion (~INR 8,810 crore) offering but reduced it to USD 700 million (~INR 6,667 crore) after some of its early investors reduced their offer for sale (OFS) participation. The revised plan now includes:
- Fresh issue of INR 2,600 crore (USD 295 million).
- OFS of up to 147.8 million shares by the founder and existing investors like Peak XV Partners (formerly Sequoia Capital India), Pine Investment Holdings, Invesco Investment Funds, Mastercard, PayPal, Temasek’s Macritchie Investments and co-founder Lokvir Kapoor.
Despite trimming the target, this is one of the largest IPOs in India’s fintech space, indicating high interest in digitization led growth.
Roadshows, Advisors and Market Timing
The company has already started roadshows to meet institutional investors across domestic and global markets. A team of top banks including Axis Bank, Morgan Stanley, Citigroup, JPMorgan Chase & Co. and Jefferies Financial Group are advising the IPO. The timing is interesting. Indian government’s digitization push — driven by initiatives like UPI, Aadhaar enabled payments and Digital India — has created a great opportunity for fintech companies. With strong festive season around Diwali, Pine Labs is entering the public markets at a time when investor appetite for digital first businesses is high.
Company Profile and Expansion
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs has evolved from a payments processor to a full-fledged fintech platform. Its offerings include:
- Point-of-sale (POS) terminals and QR-based payments.
- Merchant lending and working capital solutions.
- Consumer financing options at checkout.
The company claims to serve more than 9,00,000 merchants and 666 consumer brands across India, Singapore, Malaysia, and the UAE, handling nearly 3.97 billion transactions worth INR 7.53 lakh crore in gross transaction value in FY 2024.
Financial Performance
Pine Labs’ financial trajectory illustrates both growth and growing pains:
- FY24: Revenue of INR 1,340 crore, with a net loss of INR 190 crore.
- 9M FY25 (ended December 2024): INR 1,208 crore in revenue, with a net profit of INR 26.1 crore, marking a turnaround from a loss of INR 151.6 crore in the same period a year earlier.
The company intends to utilize the IPO proceeds to repay borrowings, invest in IT and cloud infrastructure, expand its overseas footprint, and fund potential inorganic acquisitions.
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A Defining Test For India’s Fintech IPO Wave
The Pine Labs IPO is widely regarded as a litmus test for India’s late-stage fintech startups, especially as rivals like PhonePe, Groww, and InCred prepare their own listings. Its success could unlock a wave of fintech IPOs, while a muted response may prompt firms to reassess their fundraising strategies. For Pine Labs, the listing is not merely about raising capital but also about cementing its credibility in a competitive market dominated by the likes of Paytm, Razorpay, and PhonePe domestically, and Adyen, Shopify, and Block globally.
Outlook
India’s shift from cash to digital transactions is one of the most striking financial transformations globally. Pine Labs has been at the heart of this change, enabling small kirana stores as well as large retailers to embrace digital commerce. Its INR 6,667 crore IPO this October will be more than just another stock market debut — it will be a signal to the world about the maturity of India’s fintech ecosystem, and a defining moment for Pine Labs as it steps onto the public stage.
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