Pine Labs, one of India’s leading merchant payments and consumer fintech companies, is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of June 2025. The highly anticipated IPO aims to raise between ₹5,000 crore and ₹6,000 crore (approximately $585–700 million)

Pine Labs Set to File DRHP for ₹5,000–6,000 Crore

Pine Labs, one of India’s leading merchant payments and consumer fintech companies, is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of June 2025. The highly anticipated IPO aims to raise between ₹5,000 crore and ₹6,000 crore (approximately $585–700 million), with the company targeting a valuation of $4–5 billion, on par with its last private market funding round in 2022.

IPO Details

The Noida-based fintech unicorn has appointed Axis Capital, JP Morgan, Morgan Stanley, Citi and Jefferies as lead bankers for the issue. The IPO is expected to hit the market towards the end of 2025, contingent on prevailing market conditions. Pine Labs’ public listing will mark a significant milestone for India’s fintech sector, following in the footsteps of other prominent startups pursuing domestic listings.

Company Overview

Pine Labs, founded in 1998, has evolved from a card-based payments provider into a diversified fintech platform. The company offers merchant payment solutions, buy-now-pay-later products and consumer fintech services. In 2021, Pine Labs expanded its global footprint by acquiring Southeast Asian fintech startup Fave.

In April 2025, Pine Labs completed a “reverse flip,” shifting its domicile from Singapore to India after receiving approval from the National Company Law Tribunal (NCLT). The company also changed to a public company structure and appointed independent directors, signaling its readiness for a public offering.

Financial Performance

For the fiscal year ending March 2024, Pine Labs reported operating revenue of ₹1,743 crore. However, losses before tax widened to ₹339 crore, reflecting the company’s ongoing investments in technology and expansion. Despite these losses, Pine Labs’ valuation remains robust due to its dominant position in the offline and online merchant payments space and its strong investor backing, which includes Peak XV Partners, Temasek, PayPal and Mastercard.

Impact of IPO

Pine Labs’ move to the public markets comes after an earlier attempt to list in the US in 2022, which was shelved due to changing market conditions. The company’s Indian IPO is expected to attract significant interest, given the current momentum in India’s capital markets and the increasing appetite for fintech investments.

The listing will also be closely watched by other Indian fintechs, such as Groww and PhonePe, which are preparing for their own IPOs this year. Pine Labs’ successful public debut could set a benchmark for the sector and boost investor confidence in India’s startup ecosystem.

Conclusion

With its DRHP filing approach, Pine Labs is ready to become one of the largest fintech IPOs in India in 2025. The offering will not only provide the company with fresh capital to fuel its growth but also offer public investors a stake in one of India’s most prominent digital payments platforms.

As Pine Labs readies for its public listing, the development marks a pivotal moment for India’s fintech landscape, reflecting both the sector’s maturity and the growing depth of the country’s equity markets.

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