Digital payments firm Pine Labs has announced plans to raise about USD 439 million through an initial public offering (IPO) on the Mumbai stock exchange. The company, which counts Mastercard and PayPal among its backers, will offer shares priced between INR 210 and INR 221 each. According to regulatory filings, bids from anchor investors will open on 6 November 2025, followed by the subscription period for the general public from 7 to 11 November. If priced at the top of the range, the IPO would value the company at roughly USD 2.8 billion.
The offering will include a new share issue, alongside the sale of around 82.35 million shares by the founder and existing investors, including Peak XV Partners, Mastercard Asia, and PayPal Pvt Ltd. Representatives from Pine Labs said the company reduced the size of the offering compared to its earlier filing in June.
Market context and company performance
The IPO arrives as India continues to expand its digital payments ecosystem, with increasing adoption of electronic and mobile payment solutions. Industry analysts note that the country’s fintech market remains active, with several technology and financial services firms preparing to list amid strong investor demand.
Pine Labs, headquartered in Noida, provides merchant payment processing and point-of-sale solutions. The company also operates in Singapore, Malaysia, and the United Arab Emirates. The share sale is being managed by Axis Bank Ltd and the local units of Morgan Stanley, Citigroup, JPMorgan Chase, and Jefferies Financial Group. Officials from Pine Labs stated that the listing is intended to strengthen the company’s position in digital commerce and support its regional growth plans.
