Fintech company Pine Labs, based in Noida, receives Securities and Exchange Board of India (SEBI) nod for Initial Public Offering (IPO)
Pine Labs, a leading full-stack merchant commerce platform based in India, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The IPO is being managed by a consortium of global investment banks, including Axis Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, and Jefferies India.
The proposed offering will comprise a fresh issue of shares worth up to Rs 2,600 crore ($304 million) and an offer for sale of as many as 14.78 crore shares by existing investors. Among the investors set to pare holdings are Peak XV Partners, Temasek's Macritchie Investments, Actis, PayPal, Mastercard, Invesco, Madison India Capital, Lightspeed Venture Partners, MW XO Digital Finance, and Lone Pine Capital's Lone Cascade. Peak XV Partners alone plans to offload up to 39 million shares, trimming its 20.35% ownership by about 3.6%. Actis and Temasek are each expected to reduce their stakes by roughly 1.4%.
Pine Labs, founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, has evolved into a comprehensive platform offering point-of-sale terminals, online payment gateways, and other digital payment solutions. The firm also plans to invest in Pine Labs' international subsidiaries and allocate capital to strengthen its cloud infrastructure, expand digital checkout solutions, enhance IT assets, and cover general corporate purposes.
In the financial year 2025 (FY25), Pine Labs reported a net profit of Rs 44.97 crore, a significant improvement from a loss of Rs 182.31 crore in the previous year. Total income for the same period rose 25.5% year-on-year to Rs 1,735.1 crore. Expenses increased only 3.3% to Rs 1,676.8 crore. In the first nine months of FY25, Pine Labs recorded a profit of Rs 26.1 crore, a significant improvement from a loss of Rs 151.6 crore in the same period the previous year.
No official timelines for the IPO have been announced, but CEO Amrish Rau has indicated that the listing is targeted for the second half of 2025. Lokvir Kapoor, one of the co-founders, will also sell part of his stake in the company. The firm has left room for a pre-IPO placement of up to Rs 520 crore, subject to board and regulatory approval. Proceeds from the new share sale will be directed toward repaying or prepaying borrowings of about Rs 870 crore.
The IPO of Pine Labs marks a significant step forward for the fintech industry in India, further solidifying its position as a major player in the digital payment landscape. As the company gears up for its public listing, investors and stakeholders alike will be closely watching its progress.
Read also:
- Ford Discontinues Popular Top-Seller in Staggering Shift, Labeled as a "Model T Event"
- 2025 Witnesses a 27% Surge in Worldwide Electric Vehicle Sales, Despite Opposition to Electrification Policies in the U.S.
- Recorded surge in electric vehicle registrations during the initial half of the year
- Dubai-bound: Omega Seiki Mobility, an electric vehicle company from India, prepares for assembly establishment
%20nod%20for%20Initial%20Public%20Offering%20(IPO)){kind=link}