Fintech leader Pine Labs has announced the price band for its initial public offering (IPO) at INR 210 to INR 221 per share, marking one of the most anticipated listings in India’s fintech sector. The IPO opens on November 7 and closes on November 11, with listing expected on November 14. At the upper end of the band, the company will be valued at about INR 25,377 crore ($2.9 billion).

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The INR 3,900 crore IPO will include a fresh issue of INR 2,080 crore and an offer for sale (OFS) of 8.23 crore shares. The anchor bidding will take place on November 6. Based on FY25 earnings, the price-to-earnings (P/E) ratio stands at 152.41 at INR 221 and 144.83 at INR 210.

Pine Labs has reduced its IPO size from what was proposed in its Draft Red Herring Prospectus (DRHP). The earlier plan included a fresh issue of INR 2,600 crore and an OFS of 14.78 crore shares, signaling a more focused approach toward efficient capital use and long-term growth.

Notably, several investors have reduced their OFS participation. Peak XV Partners Pine Investment Holdings cut its OFS from 3.9 crore to 2.3 crore shares, while Co-founder Lokvir Kapoor reduced his sale from 0.38 crore to 0.22 crore shares. The decision suggests strong investor confidence in the company’s growth outlook and future market potential.

Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs has evolved into one of India’s leading digital payment and merchant solutions providers. The company offers payment, issuing, and loyalty solutions for merchants, consumer brands, and enterprises. Beyond India, Pine Labs operates in Malaysia, Singapore, the UAE, Australia, the US, and Africa, serving millions of businesses with its innovative fintech products.

Pine Labs plans to deploy INR 532 crore from the fresh issue to repay or prepay existing borrowings, reducing its debt load and improving liquidity. Another INR 60 crore will be invested in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, supporting global expansion.

The company has also earmarked INR 760 crore for technology and infrastructure development. Out of this, INR 230 crore will go toward IT and cloud systems, INR 430 crore for digital checkout points, and INR 100 crore for technology innovations—reflecting a strong focus on digital transformation and scalability.

In Q1 FY26, Pine Labs reported a net profit of INR 4.8 crore, a sharp turnaround from a loss of INR 27.9 crore in the same quarter last year. However, the profit was supported by a tax credit of INR 9.6 crore; without it, the company would have reported a pre-tax loss of INR 4.8 crore.

Revenue from operations rose 18% year-on-year, reaching INR 615.9 crore compared to INR 522.4 crore in Q1 FY25. The growth highlights rising adoption of Pine Labs’ digital payment infrastructure across its markets, driven by increased merchant engagement and product diversification.

The Pine Labs IPO marks a milestone for India’s fintech industry, positioning the company to strengthen its global footprint and enhance technological innovation. Its reduced OFS size reflects investor trust, while the fresh issue will fund key growth initiatives and product expansions.

As India’s digital payments landscape continues to expand rapidly, Pine Labs’ focus on merchant-centric innovation, scalable infrastructure, and international growth could solidify its position as a leader in the global fintech ecosystem.