Pine Labs, the Noida-based merchant payments and lending platform, is preparing to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of June, according to a report.
The company plans to raise ₹5,000–6,000 crore (approximately $585–700 million) through the public offering, aiming for a valuation of $4–5 billion, consistent with its last private funding round.
Pine Labs had previously submitted confidential IPO papers with the U.S. Securities and Exchange Commission (SEC) in 2022 but later pivoted towards a domestic listing. Earlier this year, it completed its domicile shift from Singapore to India, signaling its renewed focus on Indian markets.
Further indicating an imminent filing, the company has converted into a public entity and appointed independent directors, a development first reported by Entrackr.
The IPO will be managed by a consortium of leading investment banks, including Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies.
According to data from startup intelligence platform TheKredible, Pine Labs has raised around $1.3 billion in funding so far, backed by investors such as Peak XV Partners, Temasek, PayPal, and Mastercard. The fintech firm currently holds a private valuation of $5 billion.
For the financial year ending March 2024, Pine Labs recorded a 2.8% increase in operating revenue to ₹1,317 crore, while its net losses tripled to ₹187 crore. Financial figures for FY25 are yet to be disclosed.
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