Pine Labs is planning to file its DRHP with SEBI by the end of June for an IPO worth up to $700 million.

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The IPO is expected to help the fintech unicorn raise ₹5,000 Cr to ₹6,000 Cr, with a valuation range of $4 Bn to $5 Bn.

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This potential valuation is 25% lower than its previous $5 Bn mark in 2022, reflecting a market correction.

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Group CFO Marc Mathenz has resigned ahead of the IPO, citing personal reasons, leaving leadership changes underway.

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Founded in 1998, Pine Labs offers PoS devices and payment solutions and supports cashback and rewards programs.

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In FY24, the company’s net loss surged 233% YoY to ₹187.2 Cr, while revenue growth remained modest at 2.2%.

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Pine Labs has raised around $1.6 Bn to date, with investors like Temasek, PayPal, Mastercard, and Actis Capital backing it.

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It recently re-domiciled in India and changed its name to Pine Labs Limited as part of its IPO readiness steps.

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The IPO will be led by major investment banks including Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies.

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Pine Labs joins other startups like Meesho, Lenskart, Wakefit, and Groww in the race for IPOs amid India’s booming fintech and D2C landscape.

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