Indian fintech company Pine Labs is preparing for an initial public offering in India, aiming for a valuation of up to $6 billion, according to a source familiar with the matter. The IPO is expected to raise around $1 billion.
As per draft papers filed with the market regulator, Pine Labs plans to issue fresh shares worth ₹2,600 crore (about $304 million). In addition, existing investors including Peak XV, PayPal, and Mastercard will offload up to 147.8 million shares.
The company, which competes with major players like Paytm and PhonePe, was last valued at $5 billion in 2022. Through this IPO, Pine Labs intends to invest in its global operations, improve its technology offerings, and reduce debt.
Known for its full-stack payment solutions, including point-of-sale devices for merchants, Pine Labs has been expanding its services steadily. In the financial year 2024, the company reported revenue of ₹1,341 crore, up from ₹1,291 crore the previous year. However, losses widened to ₹187 crore from ₹56.2 crore during the same period.
While India’s IPO market had a slow start this year, investor interest is picking up again with larger offerings making a comeback. Recent data shows IPO proceeds are down 4.2% compared to last year, and the number of new issues has dropped by 29%. Despite this, the Nifty 50 index has gained 8% in 2025 so far.
The Pine Labs IPO will be managed by leading investment banks including Morgan Stanley, Citi, and Jefferies. It joins a growing list of companies testing investor appetite, with six IPOs already open this week, including HDB Financial’s $1.5 billion offering.
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