Fintech company Pine Labs has raised ₹1,754 crore from anchor investors ahead of its initial public offering, which opened for subscription on 7 November. The allocation was made at ₹221 per equity share, the upper end of its price band of ₹210–₹221. Details of the allotment were shared in a filing with the National Stock Exchange.
More than 70 institutional investors participated in the anchor round, including global entities such as Morgan Stanley, Nomura, Amundi Funds and The MIT Retirement Fund. The anchor list also included leading domestic funds such as SBI Mutual Fund, Axis Mutual Fund, and ICICI Prudential Life Insurance Company. The company confirmed that around 47 percent of the total anchor allocation went to 12 domestic mutual funds across 30 different schemes.
The company’s IPO size is ₹3,899.91 crore, which includes a fresh issue worth ₹2,080 crore and an offer for sale by existing shareholders amounting to ₹1,819.91 crore. Funds raised through the fresh component will be used for debt reduction, technology investments, and global market expansion.
Shareholder Participation
Peak XV Partners, formerly Sequoia Capital India, is expected to gain the most returns from the offer for sale, with an estimated 39.5 times gain on its initial investment. Other shareholders including Madison India and Sofina Ventures are also set to realise profitable exits, with expected multiples of 5.6 times and 4.7 times respectively. The deal highlights early investors’ confidence in the company’s growth and profitability potential.
Revenue for Pine Labs rose 28.5 percent year-on-year to ₹2,274 crore in FY25, compared to ₹1,769 crore in FY24. The company reported a sharp narrowing of net losses, which declined 57 percent to ₹145 crore during the same period. In the first quarter of FY26, Pine Labs turned profitable with a net profit of ₹4.7 crore on revenue of ₹616 crore, as disclosed in its red herring prospectus.
The IPO subscription window will remain open until 11 November. Allotment of shares is expected on 12 November, followed by listing on the NSE and BSE on 14 November. Retail investors can subscribe to a minimum bid of 67 shares per lot, requiring an investment of ₹14,807 at the upper price band. The maximum retail subscription limit is ₹1,92,491 for 13 lots.
Market Expansion Focus
Pine Labs continues to enhance its payment technology offerings with a wider merchant network across India and Southeast Asia. The fresh capital is planned to accelerate technology upgrades aimed at supporting digital transactions for small retailers, enterprise merchants and large consumer brands. The company also plans to expand its presence in international markets, especially in regions experiencing strong adoption of digital payments.
Management believes that demand for omnichannel transaction solutions is increasing rapidly as businesses shift to electronic payments, embedded finance, and value-based loyalty programs.
Pine Labs Business Model
Pine Labs operates as a digital payments and merchant commerce platform, offering businesses point-of-sale terminals, pay-later options, and software-based payment solutions. The company generates revenue from acquiring banks and merchants through service charges on transactions and value-added offerings such as gift cards, EMIs, and analytics. Its product portfolio is positioned to support both offline and online sales, improving payment acceptance for a wide range of retailers.
The company’s strategy aims to deepen penetration in tier-II and tier-III cities while scaling its cloud-based services for larger enterprises. With increasing digital adoption and a push toward cashless payments, Pine Labs is positioning itself as a key player in India’s digitally driven retail growth.
