Merchant‑payments and loans platform Pine Labs is planning to file its draft red‑herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of the month, as it prepares for a public offering later this year, The Economic Times reported.
Pine Labs reportedly plans to raise ₹5,000–6,000 crore through an initial public offering (IPO) at a valuation of $ 4–5 billion, aligning with its most recent private valuation.
Pine Labs has selected Axis Capital, JP Morgan, Morgan Stanley, Citi and Jefferies as bankers for the offering.
“The plan is to file the DRHP by June‑end and target the IPO towards the end of the year, depending on market conditions,” ET quoted a source as saying.
Pine Labs has been contemplating a public listing for several years and reportedly filed confidential IPO documents with the US Securities and Exchange Commission (SEC) in 2022. However, that plan did not materialise, and the company shifted its focus to an Indian listing.
The Noida‑based company, previously headquartered in Singapore, completed its reverse flip on April 9 after receiving clearance from the National Company Law Tribunal’s Chandigarh bench.
Pine Labs also transitioned to a public business and appointed independent directors, signalling that its DRHP may be forthcoming.
Pine Labs Financials
According to start‑up data‑intelligence platform TheKredible, Pine Labs has raised nearly $ 1.3 billion in capital to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard and others.
The company currently holds a private valuation of $ 5 billion.
The start‑up’s operating revenue grew by 2.8 % to ₹ 1,317 crore for the fiscal year ending March 2024. However, its losses surged significantly, more than tripling to ₹ 187 crore during the same period. The company has not yet disclosed its fiscal year 2025 results.
Pine Labs will join Groww, a stock‑broking and wealth‑management firm that filed a DRHP with the market regulator in May, aiming to raise $700 million to $1 billion through an IPO. Walmart‑owned PhonePe is also expected to apply for an IPO in the third quarter of this year.
