Fintech unicorn Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹2,600 crore through a fresh issue of equity shares, marking a significant step toward its much-anticipated public listing.
💼 IPO Structure and Key Investors
The IPO comprises:
- Fresh Issue: ₹2,600 crore
- Offer for Sale (OFS): Up to 14.78 crore shares by existing investors including PayPal, Mastercard, Peak XV Partners, Temasek (via Macritchie Investments), and co-founder Lokvir Kapoor
The company may also consider a pre-IPO placement of ₹520 crore, which could reduce the fresh issue size accordingly.
💰 Fund Utilization Plan
According to the DRHP, Pine Labs will allocate the proceeds as follows:
- ₹870 crore for debt repayment
- ₹760 crore for IT infrastructure, including cloud upgrades and digital checkout systems
- ₹60 crore for subsidiary investments in Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE
- Remaining funds for general corporate purposes and inorganic acquisitions
📊 Business Snapshot
- FY24 Revenue: ₹1,208.2 crore
- Profit After Tax: ₹26.14 crore
- Gross Transaction Value: ₹7.53 lakh crore across 3.97 billion transactions
- Merchant Base: Over 9.15 lakh
- Global Reach: Operations in India, Southeast Asia, and the Middle East
Pine Labs is among India’s top five in-store digital platforms and a key player in Bharat Bill Payment System (BBPS) transactions.
🏦 IPO Management
The IPO is being managed by Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies, with KFin Technologies as the registrar. The shares will be listed on BSE and NSE.
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