Pine Labs raises Rs 1,754 Cr from anchor investors ahead of IPO

Fintech major Pine Labs has mobilised Rs 1,754 crore from anchor investors ahead of its initial public offering (IPO), which opens for subscription today. 

Pine Labs has allotted 7.93 crore equity shares at Rs 221 per share, on the upper end of its price band of Rs 211–221, according to the filing accessed from the National Stock Exchange (NSE).

The anchor book saw participation from over 70 institutional investors, including domestic mutual funds and global institutions. Among them were SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, Nippon Life India, and international names like Morgan Stanley, Nomura, Amundi Funds, and The MIT Retirement Fund.

Nearly 47% of the total anchor allocation was made to 12 domestic mutual funds through around 30 schemes, indicating a strong domestic appetite for the IPO.

The company’s Rs 3,900 crore IPO comprises a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares by existing shareholders. Proceeds from the fresh issue will be used for debt repayment, technology upgrades, and international expansion.

According to Entrackr’s analysis, during its offer for sale (OFS), Peak XV Partners (formerly Sequoia Capital India) will walk away with the biggest windfall, a 39.5X return on its investment. Madison India and Sofina Ventures also stand to book handsome gains of 5.6X and 4.7X, respectively.

As per the red herring prospectus, Pine Labs reported a 28.5% year-on-year growth in revenue to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses declined by 57% to Rs 145 crore during the same period. Notably, in the first quarter of FY26, the company turned profitable, posting a net profit of Rs 4.7 crore on a revenue of Rs 616 crore.