Fintech firm Pine Labs on Monday fixed a price band of ₹210-221 per share for its upcoming initial public offering (IPO), targeting a valuation of over ₹25,300 crore.
The company's ₹3,900-crore IPO will open for public subscription on November 7 and conclude on November 11.
Further, shares would be allocated to anchor investors on November 6.
The IPO comprises a fresh issue of shares valued at ₹2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares worth ₹1,819.9 crore at the upper end, by existing shareholders.
Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm.
Notably, Pine Labs has trimmed the issue size from what was originally planned. As per the draft papers filed in June, the merchant commerce and payments platform was looking to mobilise ₹2,600 crore via a fresh issue, with an additional OFS component of up to 14.78 crore shares by existing shareholders.
Speaking about modifying the IPO size, Pine Labs Chairman, Managing Director and CEO Amrish Rau said the reduction in debt contributed to the company trimming the primary component of its maiden public offering.
Pine Labs' outstanding debt decreased to ₹836.63 crore as of August 31, 2025, down from ₹888.7 crore at the end of June 2025.
"I feel no pressure from the debt side, so we reduced the primary component of the IPO," he said.
On the valuation front, he said that the prices have been kept in such a way as to garner support from a wide range of investors, particularly retail investors, to ensure strong demand. Of the fresh issue, ₹532 crore will be used by the company to repay debt.
In addition, funds would be earmarked for investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points. Also, the company will use funds for investment in its subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding the presence outside the country.
According to the Redseer Report, the company was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY2025. It was also identified as the leading digital affordability enabler at digital checkout points, among the top five in-store digital platforms, and a key processor for Bharat Connect transactions during the same year.
In FY2025, the company processed payments worth ₹11.42 lakh crore in gross transaction value (GTV) across 5.68bn transactions. As of June 30, 2025, its platforms were used by over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions.
