Mumbai, 18 September 2025 — Pine Labs Ltd., the India-based digital payments provider backed by PayPal and Mastercard, is preparing to raise up to US$700 million in an initial public offering (IPO) planned for the second half of October. The proposed IPO size has been reduced from an earlier target of US$1 billion after existing investors scaled back their offer-for-sale portions.
The listing will include a mix of new share issuance and existing share sales. Under the current structure, a fresh issue worth around ₹26 billion (roughly US$295 million) is expected, while existing investors — including Peak XV Partners, PayPal, and others — will offload shares.
Pine Labs has already started its roadshows to institutional investors, even as final details—such as pricing, allotment, and exact sizing—may still adjust. The company recently secured approval from India’s markets regulator, SEBI, paving the way for the IPO.
Context & Challenges
Although Pine Labs presents strong fintech credentials and operates across India, Southeast Asia, and the UAE, it reported losses in its financial year ending March 2024 — a loss of ₹1.9 billion on revenue of ₹13.4 billion.
Still, the company is riding tailwinds from India’s digitization push, rising adoption of digital payments, and expanding merchant services. These factors are expected to fuel demand for its IPO.
