Pine Labs sets sights on mid-November listing
MUMBAI: Fintech company Pine Labs, backed by Peak XV, aims to list by the second week of November. The company’s $700 million initial public offering (IPO) is expected to open in the first week of November, according to three people familiar with the plans.
“The company is likely to go public between November 10 and 15. Bankers are preparing accordingly,” said one of the people cited above. he said.
Pine Labs is seeking a valuation of around $6 billion in its IPO and counts Temasek, Peak XV, Sofina and Alpha Wave among its investors. The company was last valued at around $5 billion in early 2022.
Other notable new-age companies eyeing the public market in this window include Groww and Lenskart, Bloomberg reported on Monday.
“The roadshows have been completed. The company is likely to aim to launch an IPO after Diwali,” said another person quoted earlier. The company received approval from the Securities and Exchange Board of India (Sebi) last month. Following regulatory approval, companies must submit an updated red herring prospectus before opening their issuance.
Company’s income announced ₹1,344 crore in FY24 ₹933 crore in FY22. It became profitable and posted a net profit in the first nine months of the financial year. ₹26 crore, a sharp turnaround ₹There was a loss of 151.6 crore in the same period of the previous year. But spending continued to rise ₹1,402 crore in FY23 ₹1,622 crore in FY24; This reflects heavy investment in product and market expansion.
Pine Labs’ growth path
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay and Rajul Garg, Pine Labs started as a card-based payment and loyalty solutions provider focusing on the retail oil industry. By the mid-2000s, it pivoted to point-of-sale (PoS) technology and has since grown into a full-blown fintech company, a transformation driven largely by acquisitions.
It entered the gift card segment by acquiring Qwikcilver in 2019, and expanded its reach among small and medium-sized businesses by acquiring Mosambee in 2022. Its acquisition of Fave in 2020-21 marked its entry into consumer-facing UPI payments and Southeast Asian markets. Pine Labs has expanded its gift card business to the US and Australia and moved into online payments to compete with players like Razorpay and Paytm.
To date, Pine Labs has raised over $1 billion from notable investors including Peak XV Partners, Temasek, PayPal, Mastercard and Fidelity. Its largest round came in 2021, when Fidelity led a $315 million investment.
Proceeds from the IPO will be used to strengthen payment infrastructure, credit offerings and product development. Pine Labs plans to focus on mid-market and UPI-first merchants, further expand in Southeast and West Asia, and continue acquisitions. The company also aims to deepen its credit-in-payment solutions and digitalize bank-led merchant engagements.
India’s IPO market has been active this year with listings by companies such as JSW Cement, Tata Capital, Ather Energy and LG India. According to the latest Bernstein report, India’s IPOs will raise $14 billion in 2025, ranking fourth globally behind the US ($53 billion), Hong Kong ($23 billion) and China ($16 billion).
