Pine Labs, the Noida-based digital payment solutions firm, is set to raise Rs 3,900 Cr through an initial public offer (IPO) that opens for bids on November 7, including fresh issue of Rs 2,080 crore worth shares and an offer for sale (OFS) of Rs1,819.9 crore.
Prominent institutional investors, including PayPal, Mastercard, Peak XV Partners, Actis Pine Labs Investment Holdings, and MacRitchie Investments, will be sellers in the IPO through the OFS route. The IPO has been priced at Rs 210-221 per share. At the upper end of the price band, the firm will be valued at Rs 25,377 crore (around $2.8 billion).
The bids will close on November 11, It will list on both BSE and NSE on November 14.
The company plans to use the proceeds from the fresh issue to repay debt, investment in information technology assets, expenditure towards cloud infrastructure and others.
It also plans to use part of the funds to invest in its subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE.
Pine Labs focuses on providing payment solutions for merchants, consumer brands and enterprises, and financial institutions. Besides India, it is present in countries like Malaysia, Singapore, UAE, US and Australia.
The firm has built a global reputation and “is looking for a larger pie of the global fintech business,” said a senior investment banker assisting the IPO.
In India, it competes with Paytm, Razorpay, Infibeam, PayU Payments and PhonePe.
In FY25, the company processed payments of over Rs 11.4 lakh crore in gross transaction value (GTV).
Pine Labs earlier used to be capex-heavy, however its growth beyond the in-store verticals has ensured that its capex as a percentage to top line, has been coming down, from 20% of top line, to about 10-11%.