• Pine Labs sets IPO price band at Rs 210–Rs 221 per share
• Targets valuation up to Rs 25,377 crore
• IPO to raise around Rs 3,900 crore at upper band

Pine Labs, the merchant commerce and digital payments platform, has set its IPO price band at Rs 210 to Rs 221 per share, aiming for a valuation of nearly Rs 25,377 crore (around $2.9 billion). The public offer will open on November 7 and close on November 11, with the anchor portion scheduled for November 6.

The IPO is expected to raise around Rs 3,900 crore at the upper end of the price range, a scaled-down version from its earlier $1 billion target at a $6 billion valuation. The issue consists of a fresh share offering of up to Rs 2,080 crore and an offer-for-sale (OFS) of 8.23 crore shares by existing investors like Peak XV Partners, PayPal, Madison India, and Mastercard.

Pine Labs has trimmed both the fresh issue and OFS components in the revised plan. For instance, Peak XV reduced its share sale from 3.9 crore to 2.3 crore shares, while co-founder Lokvir Kapoor cut his to 0.22 crore.

The offer includes a Rs 25 crore reservation for employees, with a special Rs 21 per share discount. Retail investors can bid for a minimum of 67 shares.

In line with SEBI norms, at least 75% of the net offer is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. The book-building process will be managed by Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies India.

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Founded in 1998, Pine Labs offers digital checkout, card issuance, and payments services across India and markets like Singapore, the UAE, Australia, and the US. Proceeds from the fresh issue will fund debt repayment, tech infrastructure, and subsidiary investments.

Pine Labs returned to profitability in Q1 FY26 with a net profit of Rs 4.8 crore, supported by an 18% revenue jump to Rs 616 crore. The company expects to list on November 14, 2025.