Noida-based fintech company Pine Labs Ltd., backed by global players such as Peak XV Partners, Mastercard Inc., PayPal Inc. and Temasek Holdings, has announced a trimmed down initial public offering (IPO) ahead of its early November listing. The company has reduced the issue size to ₹3,900 crore and set the price band at ₹210-₹221 per share.
Under the revised structure, Pine Labs will raise around ₹2,080 crore via a fresh issue of equity shares, while existing investors will sell 8.23 crore shares in an offer-for-sale (OFS) worth approximately ₹1,820 crore. This is a sizable reduction compared with the earlier plan fresh issue of ₹2,600 crore and OFS of 14.78 crore shares announced in June.
Pine Labs has also reserved shares worth up to ₹2.5 crore exclusively for its employees. Those eligible will receive shares at a discount of ₹21 per share compared with the final offer price, aligning staff incentives with long-term performance.
The IPO allotment rules specify that 75% of the net offer will be allocated to qualified institutional buyers (QIBs), 15% to non-institutional investors, and 10% to retail investors. The minimum application size is 67 shares, implying a minimum investment of around ₹14,874 at the upper end. The anchor round is scheduled for November 6, with subscriptions opening from November 7 to November 11 and listing anticipated on November 14.
On the financial front, Pine Labs posted a net profit of ₹4.8 crore in Q1 FY26 versus a loss of ₹27.9 crore in the same quarter last year. Revenue rose by 17.9% to ₹615.9 crore from ₹522.4 crore in Q1 FY25. These metrics underscore the company’s shift toward profitability ahead of its public debut.
As Indian fintech-driven IPOs regain momentum, Pine Labs’ revised listing remains one of the most closely watched in the sector.
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