Pine Labs targets Rs 25,000-Cr valuation in upcoming IPO; sets price band at Rs 210-221 a share

Early investors in Pine Labs Ltd. are set for strong gains as the fintech unicorn gears up for its much-anticipated initial public offering (IPO), which opens for subscription on November 7 and closes on November 11.

The Gurugram-based firm, which provides merchant payment and digital commerce solutions, has fixed a price band of Rs 210–221 per share. The IPO comprises a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of up to 82.34 million shares by existing shareholders. Pine Labs is seeking a post-issue valuation in the range of Rs 24,217 crore ($2.7 billion) to Rs 25,377 crore ($2.8 billion).

The issue is being managed by Axis Capital, Morgan Stanley, Citi, JP Morgan, and Jefferies, with KFin Technologies serving as registrar. The anchor investor round will take place on November 6, a day before the issue opens to the public.

Early backers eye windfall gains

The IPO represents a major exit opportunity for long-time investors, including Peak XV Partners (formerly Sequoia Capital India), Actis, Temasek’s MacRitchie Investments, PayPal, Mastercard, Madison India, Lone Cascade, and Sofina Ventures. Founder Lokvir Kapoor will also sell a portion of his stake.

Peak XV, whose shares were acquired at an average cost of Rs 5.60, could see returns of about 37.5 times at the lower end of the price band. Other investors such as Actis (Rs 71.43), MacRitchie (Rs 76.67), PayPal (Rs 77.78), and Mastercard (Rs 128.62) are expected to clock returns between 1x and 4.5x. Kapoor, whose average acquisition price stands at Rs 0.49 per share, could earn about 428X on his partial stake sale.

Not all shareholders will see gains, however. Invesco, which plans to offload up to 3.2 million shares acquired at an average price of Rs 243.89, is expected to book a loss at the IPO price.

Funds from the fresh issue will be used to repay certain borrowings and invest in Pine Labs’ overseas subsidiaries—including Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE—as well as to strengthen IT and cloud infrastructure. Of this, Rs 532 crore will go toward debt repayment and Rs 769 crore will be earmarked for technology expansion.

From petrol pumps to PoS leader 

Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs started as a card-based loyalty and payments platform for petroleum companies before evolving into a leading provider of point-of-sale (PoS) and merchant commerce technology. Today, it serves over one million merchants across retail, lifestyle, healthcare, grocery, travel, and e-commerce categories.

The company has scaled its business through several acquisitions, including Qwikcilver (gift cards), Mosambee (SME payments), Fave (consumer payments in Southeast Asia), Setu (API infrastructure), and Credit+ (lending). Pine Labs has also expanded its gift card services to the US and Australia and entered online payments, competing with established players such as Razorpay and Paytm.

For the June 2025 quarter, Pine Labs reported Rs 615 crore in revenue and a profit of Rs 4.8 crore.

Total income for the April–June quarter of FY26 increased 22% year-on-year to Rs 653 crore, while net profit stood at Rs 4.78 crore, compared to a Rs 27.88 crore loss during the same period last year.

Pine Labs’ upcoming listing will be among the most closely watched IPOs in India’s fintech space this year, as other major startups such as Groww and Lenskart prepare to test investor appetite in the public markets.