Fintech giant Pine Labs set to launch Rs 2,080 Cr IPO on November 7
Pine Labs' latest DRHP reflects a downsized offer compared with its earlier plan in June, when it had outlined a Rs 2,600 crore fresh issue and an OFS component of up to 147.8 million shares.
Fintech major Pine Labs will open its much-anticipated initial public offering (IPO) on November 7, according to the company’s red herring prospectus.
The subscription window will run through November 11, with the anchor book slated to open a day earlier on November 6, the document showed.
The IPO will include a fresh equity issue worth Rs 2,080 crore and an offer-for-sale (OFS) of 82.35 million shares by existing investors. The company has allocated 10% of the issue to retail investors, with the remainder divided among institutional and non-institutional categories.
The OFS will see several high-profile shareholders trimming their stakes, including Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures SA, and Pine Labs Co-founder Lokvir Kapoor.
The fintech company will use the proceeds from the fresh issue to repay existing debt, fund technology and cloud infrastructure investments, support digital checkout device procurement, and finance product development initiatives.
Pine Labs also plans to channel part of the funds into its overseas subsidiaries—Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE—as it strengthens its international footprint. The group has 18 subsidiaries, spread across Asia-Pacific and beyond.
The latest prospectus reflects a downsized offer compared with the company’s earlier plan in June, when it had outlined a Rs 2,600 crore fresh issue and an OFS component of up to 147.8 million shares.
The book-running lead managers include Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India.
Pine Labs serves clients across retail, ecommerce, lifestyle, consumer electronics, healthcare, travel, hospitality, and financial services sectors, as well as public institutions, like city administrations and traffic authorities.
It faces competition from Paytm, Razorpay, Infibeam, PayU, and PhonePe in India, and from Adyen, Shopify, and Block in global markets.
Edited by Suman Singh