Merchant payments and lending platform Pine Labs is preparing to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of this month, as it moves toward a public listing scheduled for later this year, according to sources familiar with the development.
The Noida-based firm is aiming to raise ₹5,000–6,000 crore through its upcoming initial public offering (IPO), sources said. According to preliminary estimates, the listing could value Pine Labs at approximately $4–5 billion, aligning with its last private market valuation.
Pine Labs has appointed Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as the lead bankers for its upcoming IPO.
“The plan is to file the DRHP by June-end and target the IPO towards the end of the year, depending on market conditions,” one of the persons cited earlier said.
Previously headquartered in Singapore, Pine Labs completed its reverse flip on April 9 following approval from the Chandigarh bench of the National Company Law Tribunal (NCLT).
For FY24, Pine Labs reported an operating revenue of ₹1,743 crore, while its loss before tax stood at ₹339 crore, as per regulatory filings.
The company is actively joining other major players preparing to enter the public markets. Groww, a stock broking and wealth management platform, filed its DRHP with SEBI in May, aiming to raise $700 million to $1 billion through its IPO. Additionally, Walmart-owned PhonePe is also expected to file its IPO documents by the third quarter of this year.
Pine Labs has been actively working toward a public listing over the past few quarters. In 2022, the company had confidentially filed IPO papers with the U.S. Securities and Exchange Commission (SEC) for a planned $500 million raise, aiming for a listing in the United States.
Over the past three years, its valuation has surged, driven by multiple equity infusions from prominent global investors including Alpha Wave, Vitruvian Partners, PayPal, and others.
Founded in 1998, Peak XV Partners-backed Pine Labs is now one of India’s largest offline merchant payment platforms. The company has since diversified into online payments, buy-now-pay-later (BNPL) solutions, and broader consumer fintech services, notably acquiring Southeast Asian fintech startup Fave in 2021.
