MUMBAI: Fintech unicorn Pine Labs is on course to launch its much-awaited initial public offering on November 7, planning to mop up Rs 2,080 crore through fresh issue of shares, down from Rs 2,600 crore earlier. Similarly, the company has also lowered its secondary sale of equities through the offer to 8.23 crore shares from 14.78 crore shares, which would translate into around Rs 1,500 crore, taking the total issue size close to Rs 3,500 crore.
The company, which competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, and Phonepe in the domestic market, and Adyen, Shopify and Block in the overseas markets, had got the Sebi approval on September 11, after filing the draft papers in June. The final OFS size will be known when the company announces the price-band on Monday.
But according to the updated filing, as of October 31, the fresh issue has been trimmed to Rs 2,080 crore and the OFS size is massively down to 8.23 crore shares from 14.78 crore or to around Rs 1,500 crore, an i-banker in the know of the likely price-band told TNIE here Saturday, taking the overall size of the issue close to Rs 3,500 crore.
Under the OFS, its external investors such as Peak XV Partners, London-based Actis, PayPal, Mastercard Asia Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW Xo Digital Finance Fund, Lone Cascade, Sofina Ventures and Pine Labs cofounder Lokvir Kapoor will be divesting a part of their holding.
Proceeds from the fresh issue will be used by the company to repay debt, investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points, according to the latest updates. In the September filing, it had said the proceeds from the fresh issue would go for international expansion by investing in its three overseas subsidiaries -- Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE.
The Noida-based Pine Labs is focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. It’s the largest issuer of closed and semi-closed loop gift cards in the country in terms of transaction value in FY25. Its technology infrastructure supports digital transactions and payment processing in the country as well as in Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.
In FY25, it processed payments worth Rs 11.42 trillion in gross transaction value across 5.68 billion transactions. As of June 2025, its platforms were used by over 9.88 lakh merchants, 716 consumer brands and enterprises across retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality; 177 financial institutions; as well as public sector clients such as municipal bodies and traffic departments.
