Pine Labs IPO: Fintech Giant Sets Dalal Street Ablaze with Rs 2,600 Crore DRHP Filing

  • Pine Labs, the Noida-based fintech powerhouse, has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI, setting the stage for a blockbuster Rs 2,600 crore initial public offering (IPO).

  • The IPO will feature a fresh issue of shares worth Rs 2,600 crore, alongside an offer for sale (OFS) of up to 147.8 million shares by early backers and key investors.

  • Heavyweight investors including Peak XV Partners (formerly Sequoia India), Temasek, PayPal, Mastercard, Invesco, Actis, Madison India, and co-founder Lokvir Kapoor are all set to partially cash out in this highly anticipated market debut.

  • Peak XV emerges as the lead seller, offloading nearly 39 million shares, while PayPal, Mastercard, and Temasek are also trimming their stakes. Co-founder Lokvir Kapoor will be reducing his holding as well.

  • The IPO will be managed by a star-studded lineup of bankers: Axis Capital, Morgan Stanley, Citi, JP Morgan, and Jefferies.

  • Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), marking a major milestone for the company which recently shifted its domicile from Singapore to India.

  • The proceeds from the fresh issue will be used to repay debt and fuel expansion in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, strengthening the company’s international footprint.

  • The DRHP also allows for a possible pre-IPO placement of up to Rs 520 crore, which could reduce the size of the fresh issue if executed.

  • Pine Labs, last valued at $5 billion, has seen its revenue climb 23% year-on-year to Rs 1,208 crore in the first nine months of FY25, with a net profit of Rs 26.1 crore, signaling robust growth ahead of its public debut.

  • The company, renowned for its dominance in offline Point of Sale (PoS) terminals, has rapidly diversified into online payments, Buy Now Pay Later (BNPL), invoice management, and merchant gifting solutions.

  • This IPO marks a sharp pivot from Pine Labs’ earlier plans for a $1 billion US listing, now focusing on tapping into the Indian capital markets amid a surge of tech IPOs.

  • With this DRHP filing, Pine Labs is poised to join the league of India’s most-watched tech listings, promising high drama and action on Dalal Street. 

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