Pine Labs Files DRHP for INR 2,600 Cr IPO; First India Listing After Abandoned US Plans
In a major development in India’s fintech landscape, Pine Labs, one of the country’s leading unicorns, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). The IPO will include a fresh issue of shares worth INR 2,600 crore (approximately $304 million), along with an offer for sale (OFS) of up to 14.78 crore equity shares by existing investors and stakeholders.
This IPO marks Pine Labs’ first-ever attempt to list on Indian stock exchanges, with its equity shares proposed to be listed on both the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).
Investors Lining Up for OFS
The offer for sale will include shares offloaded by key investors such as Mastercard, Peak XV Partners (formerly Sequoia Capital India), Macritchie Investments, and PayPal, alongside cofounder Lokvir Kapoor and other stakeholders. These strategic exits come at a time when India’s fintech sector is seeing renewed investor interest and public market participation.
Additionally, Pine Labs may consider raising INR 520 crore through a pre-IPO placement, depending on market conditions and investor appetite. If this route is taken, the IPO size may be adjusted accordingly.
A Shift from Global to Local Listing Plans
This IPO filing comes after Pine Labs abandoned its previous plan to list in the US, where it had once targeted a $1 billion IPO in 2022. Due to volatile global market conditions and shifting priorities, the company deferred the US listing and instead began preparations for an Indian market debut.
In 2024, Pine Labs initiated a reverse flip—the process of redomiciling its holding structure from overseas back to India. This strategic realignment was seen as a move to align with local market sentiments and benefit from India’s growing fintech investor base. The process culminated in April 2025, when the National Company Law Tribunal (NCLT) gave its formal approval for the reverse flip, clearing the path for the IPO.
Strengthening India’s Fintech IPO Pipeline
Founded in 1998, Pine Labs has evolved from a point-of-sale (PoS) solutions provider into a comprehensive fintech platform that offers merchant commerce solutions, buy-now-pay-later services, digital payments, and more. The company serves millions of merchants across India and Southeast Asia and is backed by global investors, including Temasek, Actis, and Fidelity.
The IPO is poised to be one of the most high-profile public listings in India’s fintech space in 2025 and is expected to attract strong interest from both institutional and retail investors.
What Lies Ahead
With India’s fintech sector growing rapidly and digital payments becoming increasingly mainstream, Pine Labs’ IPO could set the tone for other fintech players eyeing public markets. The successful listing will not only provide a boost to investor confidence but also help Pine Labs fuel its expansion plans, improve technological capabilities, and strengthen its presence across global markets.
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