This article first appeared on GuruFocus.
Pine Labs is stepping into India’s public markets with a bold move that could redefine the country’s fintech playbook. The Mastercard (MA)- and PayPal (NASDAQ:PYPL)-backed digital payments company plans to raise as much as 39 billion rupees ($439 million) through an IPO in Mumbai, according to its latest filing. Shares will be offered between 210 and 221 rupees each, with anchor bids opening November 6 and public subscriptions running from November 7 to 11. At the top of that range, Pine Labs could fetch a valuation near 253.77 billion rupees, signaling strong investor appetite for India’s fast-digitizing economy.
The offering is split between a fresh issue worth 20.8 billion rupees and a secondary sale of roughly 82.35 million shares by founder and existing investors, including Peak XV Partners, PayPal Pvt., and Mastercard Asia. The company’s IPO has been scaled down from earlier plans that envisioned up to 26 billion rupees in new shares and 147.8 million shares offered by existing holders. Even so, the timing could be favorable India’s fintech market has been riding a powerful digital payments surge, and Pine Labs sits squarely at the heart of that transformation.
Headquartered in Noida, Pine Labs provides merchant payment systems, including point-of-sale terminals, across India and in markets such as Singapore, Malaysia, and the UAE. For the fiscal year ended March 2025, it reported revenue of 22.74 billion rupees with a net loss of 1.45 billion. The IPO is being managed by Axis Bank Ltd. alongside the local arms of Morgan Stanley, Citigroup Inc., JPMorgan Chase & Co., and Jefferies Financial Group Inc. If the issue draws strong demand, it could mark a defining moment for India’s next wave of fintech listings.
