• Pine Labs to submit DRHP by the end of the month for Rs 6,000 crore IPO, with valuation pegged at $4–5 billion.
• IPO is strategic shift from U.S. to Indian markets, following a formal domicile shift from Singapore to India.
• Well-established fintech ecosystem developed via acquisitions such as Fave, Setu, Mosambee, and Qwikcilver, along with RBI payment aggregator license.

Pine Labs, the Noida-headquartered unicorn fintech company in merchant payments and consumer lending, is finalizing its Draft Red Herring Prospectus (DRHP) filing with the Securities and Exchange Board of India (SEBI) towards the end of this month, The Economic Times reported. This is a precursor to the anticipated listing later in the year.

The fintech firm plans to raise Rs 5,000 crore to Rs 6,000 crore (around $585–702 million) through the IPO. If successful, Pine Labs may fetch a valuation of $4 billion to $5 billion  equal to its previous private market valuation in 2022.

Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies have been appointed as the lead bankers for the offering, which is expected to take place towards the end of 2025, subject to favorable market conditions. This marks a strategic shift after Pine Labs’ earlier attempt to list on U.S. markets fell through due to changing global conditions.

In 2022, the company had confidentially filed for a U.S. IPO with the Securities and Exchange Commission (SEC) to raise around $500 million. That was later shelved, and Pine Labs decided to target a domestic listing. It comes on the back of its formal change of domicile from Singapore to India, which was cleared on April 9 after the National Company Law Tribunal in Chandigarh granted permission. In its IPO preparation, the company has also reorganized as a public limited company and named independent directors.

Pine Labs has raised approximately $1.3 billion till now from top investors such as Peak XV Partners, Temasek, PayPal, Mastercard, Alpha Wave, and Vitruvian Partners.

Established in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs started out providing card-based and loyalty payment solutions, which it later gave up to concentrate on merchant payments in the late 2000s. Over the past few years, it has aggressively moved into online payments, consumer lending, and digital platforms. The firm got a payment aggregator license from Reserve Bank of India in 2022 and debuted its Pine Labs Online as part of its digital initiative.

Pine Labs has also strengthened its fintech portfolio with a range of strategic acquisitions. These include Fave of Southeast Asia (2021) for consumer payment, Setu of Bengaluru (2022) for account aggregator technology, Mosambee of Mumbai to strengthen PoS capabilities, and Qwikcilver for the gift card business. It has also made significant inroads into the buy-now-pay-later (BNPL) space, serving online and offline retail consumers.

With its imminent IPO and India-first strategy firmed up, Pine Labs is positioning itself as a market leader in the changing fintech and digital payments story.

Read More News :

ZEE Partners with Bullet to Launch India's First Micro-Drama App

Pantomath Launches Rs 2,000 Crore Bharat Bhoomi Real Estate Fund