Pine Labs to file DRHP for Rs 5000-6000 Cr IPO by June: Report

Merchant payments and lending platform Pine Labs is gearing up to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) by the end of June.

According to a report by The Economic Times, the Noida-based company aims to raise between Rs 5,000–6,000 crore ($585-700 million) through the IPO, with a targeted valuation of $4–5 billion, broadly in line with its last private round.

Pine Labs has been eyeing the public markets for several years and reportedly filed confidential IPO papers with the U.S. Securities and Exchange Commission (SEC) in 2022. However, that plan did not materialize, and the company shifted its focus to an Indian listing. Earlier this year, it completed its domicile transition from Singapore to India.

Signaling that its DRHP may be around the corner, Pine Labs also converted into a public company and appointed independent directors. Entrackr exclusively reported the development.

The company has appointed Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as bankers to the issue.

According to startup data intelligence platform TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a private valuation of $5 billion.

During the fiscal year ending March 2024, Pine Labs reported a modest 2.8% rise in operating revenue to Rs 1,317 crore. However, its losses widened sharply, surging over 3X to Rs 187 crore during the same period. The company is yet to disclose its numbers for FY25.