Pine Labs sets IPO price band at `210-221, aims to raise Rs 3,900 cr

New Delhi: Fintech firm Pine Labs on Monday fixed a price band of Rs 210-221 per share for its upcoming initial public offering (IPO), targeting a valuation of over Rs 25,300 crore. The company’s Rs 3,900-crore IPO will open for public subscription on November 7 and conclude on November 11.

Further, shares would be allocated to anchor investors on November 6.

The IPO comprises a fresh issue of shares valued at Rs 2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares worth Rs 1,819.9 crore at the upper end, by existing shareholders.

Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm.

Notably, Pine Labs has trimmed the issue size from what was originally planned. As per the draft papers filed in June, the merchant commerce and payments platform was looking to mobilise Rs 2,600 crore via a fresh issue, with an additional OFS component of up to 14.78 crore shares by existing shareholders. Speaking about modifying the IPO size, Pine Labs Chairman, Managing Director and CEO Amrish Rau said the reduction in debt contributed to the company trimming the primary component of its maiden public offering.

Pine Labs’ outstanding debt decreased to Rs 836.63 crore as of August 31, 2025, down from Rs 888.7 crore at the end of June 2025. “I feel no pressure from the debt side, so we reduced the primary component of the IPO,” he said.

On the valuation front, he said that the prices have been kept in such a way as to garner support from a wide range of investors, particularly retail investors, to ensure strong demand. Of the fresh issue, Rs 532 crore will be used by the company to repay debt.