Pine Labs Cuts IPO Size Ahead of November Listing Amid Busy Indian Market
Indian fintech firm Pine Labs has reduced the size of its upcoming initial public offering (IPO), trimming by 44% the shares offered by existing investors and by 20% the new shares meant for fundraising, according to its updated prospectus filed on October 31. The IPO, scheduled for November 7 to 11, comes as India experiences a surge in market listings this year.
The company, which provides digital payment solutions such as point-of-sale terminals, now aims to raise ₹20.8 billion ($236.6 million), down from the ₹26 billion ($295.8 million) planned earlier in June. Existing shareholders, including Peak XV Partners, PayPal, and Mastercard, will together offload 82.3 million shares, compared to the 147.8 million shares planned initially. Peak XV will sell 23 million shares, while PayPal and Mastercard plan to dispose of 6.7 million and 5.9 million shares, respectively. Other backers such as Actis and Temasek will also pare their stakes.
Pine Labs, which competes with Paytm and PhonePe, was targeting a $6 billion valuation in June, though its revised market worth remains undisclosed. India, the world’s third-largest IPO market, is on track to surpass its record of $20.5 billion raised in 2024, fueled by major listings such as LG Electronics India. Upcoming share sales from Groww, Lenskart, and boAt are expected to further drive the momentum. Pine Labs posted a profit of ₹261.44 million on revenue of ₹12.08 billion for the nine months ending December 2024.
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