India-based fintech Pine Labs has filed for an initial public offering (IPO) worth ₹26 billion (~US$304 million), as disclosed in its recent draft prospectus. This long-anticipated move comes amid growing optimism in India’s equity markets and renewed interest from foreign investors.
The fresh issue will be supplemented by a secondary sale of up to 147.8 million shares from major backers including Peak XV Partners, PayPal, and Mastercard—three names that have long signaled confidence in Pine Labs’ model. Notably, Pine Labs had also confidentially filed for a U.S. IPO in 2022 but eventually put those plans on hold.
Founded in 1998, Pine Labs has evolved into one of India’s leading payment infrastructure providers, offering a full stack of solutions including PoS machines, digital invoicing, and buy-now-pay-later (BNPL) offerings. It now competes directly with local powerhouses such as Paytm and PhonePe (owned by Walmart), both of which have ramped up capabilities in the merchant services domain.
The IPO proceeds will be deployed to strengthen its international subsidiaries, expand technology investments, and reduce existing debt—a clear sign of intent to scale aggressively in both India and overseas markets.
Pine Labs reported revenue of ₹13.41 billion (US$157 million) in FY2024, a modest increase from ₹12.91 billion the previous year. However, its losses widened to ₹1.87 billion, up from ₹562 million in FY2023—reflecting the rising cost of international expansion and product development.
This filing lands at a pivotal time: India’s IPO market has been gradually recovering from a sluggish first half of the year. With six active IPOs this week—led by HDB Financial’s record-breaking $1.5B listing—investor appetite is clearly returning. Pine Labs’ offering, underwritten by Morgan Stanley, Citi, and Jefferies, could be a strong barometer for the viability of late-stage fintech exits in India’s public markets.
If successful, this could position Pine Labs as a listed fintech leader in South Asia’s increasingly competitive digital payments ecosystem—and perhaps reignite ambitions for a future U.S. dual listing.