IPO Plans and Market Strategy
Fintech leader Pine Labs has confirmed its plans to go public in the second half of 2025. CEO Amrish Rau stated that despite market fluctuations, the company remains focused on long-term expansion and is committed to its IPO strategy.
Expected IPO Size and Valuation
While the official IPO size remains undisclosed, reports suggest that Pine Labs is aiming for a $1 billion public issue. The offering is expected to include both fresh equity shares and an offer for sale. Having been valued at $5 billion in 2022, the company is likely to seek a valuation between $6 billion and $8 billion.
Company Background and Growth
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs has grown into a major fintech firm offering point-of-sale (POS) and digital payment solutions. The company currently serves over 5 lakh merchants across India, the Middle East, and Southeast Asia.
Investors and Domicile Shift
Pine Labs is backed by prominent investors, including Peak XV Partners, Temasek, PayPal, and Mastercard. The company is also in the process of shifting its domicile from Singapore to India, having secured initial approval from the National Company Law Tribunal (NCLT) in August 2024.
Financial Performance
In FY24, Pine Labs’ India operations reported an operating revenue of ₹1,317 crore, up from ₹1,281 crore in FY23. However, its net loss widened significantly, rising from ₹56 crore to ₹187 crore.
India’s Largest Fintech IPO Since Paytm
If successful, Pine Labs’ IPO would mark India’s largest fintech listing since Paytm’s $2.5 billion debut in 2021, underscoring the sector’s continued growth and investor interest.
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