Pine Labs, a merchant payments and lending platform, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for ₹2,600 crore via Initial Public Offering (IPO).
The offer comprises of fresh issue of equity shares aggregating up to ₹2600 crore and an offer for sale of up to 147,822,225 Equity Shares by Selling Shareholders.
As part of the OFS, Peak XV Partners, Temasek’s Macritchie Investments, Actis, PayPal, Mastercard, Invesco, Madison India Capital, Lightspeed Venture Partners, MW XO Digital Finance, and Lone Pine Capital’s Lone Cascade will be offloading shares.
Among these, Peak XV Partners is expected to be the largest seller, offering up to 39 million shares, potentially reducing its 20.35% holding by 3.6%. Actis and Temasek will each offload approximately 14.8–14.9 million shares, trimming their stakes by around 1.4%.
Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers.
Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
Pine Labs claims to have processed payments of ₹7,531.05 billion in gross transaction value (GTV) and 3.97 billion transactions through its platforms in the nine-month period ending December 31, 2024. As of December 31, 2024, the company had 915,731 Merchants, 666 consumer brands and enterprises, and 164 financial institutions, who used its platforms to enable transactions quickly, securely and easily manage their business.
Pine Labs provide a wide suite of services within its Digital Infrastructure and Transaction Platform and Issuing and Acquiring Platform.
