Fintech giant Pine Labs Limited has filed draft papers for its much-anticipated Initial Public Offering (IPO), marking one of the largest public issues in India’s fintech space this year. The offering comprises a fresh issue of equity shares worth ₹20,800 million and an offer for sale (OFS) of up to 82,348,779 equity shares, with the total size yet to be finalized.
The company has clarified that it does not have an identifiable promoter, emphasizing its broad shareholder base and institutional structure.
IPO Details
- Type: Fresh Issue and Offer for Sale
- Fresh Issue Size: Up to ₹20,800 million
- Offer for Sale: Up to 82,348,779 equity shares
- Price Band: To be announced two working days prior to the opening
- Bid/Offer Opens: November 7, 2025
- Bid/Offer Closes: November 11, 2025
- Anchor Investor Bidding: November 6, 2025
The IPO is being managed by leading investment banks, including Axis Capital Limited, Morgan Stanley India Company Pvt. Ltd., Citigroup Global Markets India Pvt. Ltd., J.P. Morgan India Pvt. Ltd., and Jefferies India Pvt. Ltd., while KFin Technologies Limited will act as the Registrar to the Offer.
Details of the Offer to the Public
The IPO structure is as follows:
| Type | Size (Equity Shares) | Size (Aggregate Value) |
|---|---|---|
| Fresh Issue | Up to [●] Equity Shares | Aggregating up to ₹20,800.00 million |
| Offer for Sale (OFS) | Up to 82,348,779 Equity Shares | Aggregating up to ₹[●] million |
| Total Offer Size | Up to [●] Equity Shares | Aggregating up to ₹[●] million |
The face value of the Equity Shares is ₹1 each. The final Offer Price, Price Band, Employee Discount, and minimum Bid Lot are yet to be determined by the Company in consultation with the Book Running Lead Managers (BRLMs) and will be advertised prior to the Bid/Offer Opening Date.
Offer Structure and Reservation
The IPO will be carried out through the Book Building Process under Rule 19(2)(b) of the SCRR and Regulation 31 of the SEBI ICDR Regulations.
- Qualified Institutional Buyers (QIBs): At least 75% of the net offer
- Non-Institutional Bidders (NIBs): Not more than 15% of the net offer
- Retail Individual Bidders (RIBs): Up to 10% of the net offer
- Employee Reservation Portion: Up to ₹25 million, with potential discount for eligible employees
Anchor Investors will be allocated up to 60% of the QIB portion, with one-third reserved for domestic mutual funds.
All investors (except Anchor Investors) must apply through the ASBA process or UPI mechanism for payment blocking.
Objects of the Offer
The IPO comprises both a fresh issue and an offer for sale.
Proceeds from the Fresh Issue will be utilized for:
- Repayment or prepayment of borrowings: ₹5,320 million
- Investments in subsidiaries – including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE – for global expansion: ₹600 million
- Investment in IT infrastructure: ₹7,600 million
- ₹2,300 million for cloud infrastructure
- ₹4,300 million for procurement of Digital Checkout Points (DCPs)
- ₹1,000 million for technology development initiatives
- General corporate purposes and inorganic acquisitions (up to 35% of gross proceeds)
Proceeds from the Offer for Sale will go to the selling shareholders and not the company.
Company Overview
Founded with the vision of digitizing commerce, Pine Labs has evolved into a global technology company offering digital payments, merchant solutions, and fintech infrastructure. The company’s “Digital Infrastructure and Transaction Platform” enables digital payments, affordability programs, and value-added services like dynamic currency conversion, loyalty programs, and transaction processing.
Its “Issuing and Acquiring Platform” powers prepaid card issuance, rewards programs, and acquiring solutions for financial institutions.
As of June 30, 2025, Pine Labs served an ecosystem of:
- 988,304 merchants (large, mid, and small)
- 716 consumer brands and enterprises
- 177 financial institutions
Its client base spans retail, e-commerce, travel, hospitality, consumer electronics, healthcare, and government sectors, including notable names like Croma and HDFC Bank.
Global Presence
Pine Labs operates across India, Malaysia, UAE, Singapore, Australia, the United States, and Africa, offering cloud-based software and fintech infrastructure to merchants, consumer brands, and banks.
The company plans to use the IPO proceeds to strengthen its international footprint, enhance technology capabilities, and further expand its merchant ecosystem.
Key Strengths
- Proven track record in digital payments innovation
- Strong merchant and financial institution partnerships
- Growing international presence in Asia-Pacific and the Middle East
- Deep technology investments driving fintech and retail digitization
- Long-standing relationships with major consumer brands and banks
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