IPO readiness & DRHP filing
- Pine Labs plans to file its Draft Red Herring Prospectus (DRHP) with SEBI by the end of June 2025, targeting a ₹5,000–6,000 crore public issue.
Ambitious valuation targets
- The fintech unicorn aims for a valuation between $4–5 billion, aligning with its last private round; earlier expectations were as high as $6–8 billion, though investor feedback suggests a more realistic range of $2.5–3.5 billion
Bookrunners & IPO timing
- Leading investment banks—Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies—are onboard. The IPO is expected in late 2025, market permitting
Reverse‑flip & corporate restructuring
- After filing confidentially for a U.S. IPO in 2022, Pine Labs pivoted—completing a “reverse-flip” from Singapore to India on April 9, 2024, NCLT‑approved—transitioning into a public limited entity with independent directors
Funding history & investor backing
- The company has raised roughly $1.3 billion to date from investors like Peak XV Partners, Temasek, PayPal, Mastercard, Alpha Wave, and Vitruvian
Revenue growth & loss trajectory
- For FY 2024, Pine Labs reported an operating revenue of ₹1,743 crore (≈US $200 M), a ~10 % rise year-on-year, with losses before tax at ₹339 crore—up ~50 % from FY 2023
Valuation deliberations & market realism
- Management remains firm on higher valuation, but bankers urge moderation to around $2.5–3 billion, citing market readiness and potential post-listing momentum
India IPO ambition & ecosystem trend
- Pine Labs joins a growing cadre of fintech companies aiming for major listings, following peers like Groww and PhonePe, showing renewed investor interest in capital markets
