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Pine Labs to file DRHP for Rs 5,000-6,000 crore IPO by June-end
Economic Times
·
1m ago
Medial
Pine Labs, a merchant payments and lending firm, plans to file its draft red herring prospectus (DRHP) with SEBI by June, aiming for a Rs 5,000-6,000 crore IPO, targeting a $4-5 billion valuation. The company has appointed Axis Capital, JP Morgan, and others as bankers. Pine Labs reported Rs 1,743 crore in revenue for FY24 with a Rs 339 crore loss before tax. It previously attempted a US listing in 2022.
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Stock Market Today LIVE: IT Stocks Shine on D-street; HCL Tech, Tech Mahindra, Infosys Lead the Gains
OutlookIndia
·
1m ago
Medial
On June 11, 2025, India's Sensex and Nifty indices saw minor gains amid global positive cues. IT stocks like HCL Tech and Tech Mahindra led gains. Pine Labs plans to file for a ₹6,000 crore IPO, while IREDA raised ₹2,000 crore via QIP, with LIC receiving a substantial share. Liquor stocks fell due to Maharashtra's excise duty hike. Meanwhile, the oil & gas sector saw a positive outlook, and RattanIndia Power shares surged significantly over five days.
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Pine Labs files DRHP; Peak XV emerges as lead seller in OFS
Entrackr
·
1m ago
Medial
Merchant payments and lending platform Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 2,600 crore (approximately $305 million) and an offer for sale (OFS) of 14.78 crore equity shares, according to the DRHP. Peak XV is set to offload around 3.9 crore shares, accounting for approximately 26.3% of the total offer for sale (OFS). Acitis Pine Labs Investment and Temasek will sell 1.49 crore and 1.48 crore shares, respectively. Other participants in the OFS include PayPal, Mastercard Asia, Invesco, Madison India, Sofina, Lightspeed, BlackRock, and individuals such as Amrish Rau, Lokvir Kapoor, Kush Mehra, among others. According to the DRHP, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek and PayPal holding 7.1% and 6%, respectively. Actis Pine Labs Investment owns 5.78%, while Mastercard and Alpha Wave hold 5.24% and 3.39%, respectively. Amrish Rau holds a 2.35% stake, followed by Lokvir Kapoor with 1.97%. Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for repayment of borrowing, investment in subsidiaries, technology, research, and other general corporate purposes. In the first nine months of FY25, the company posted a 23% year-on-year increase in revenue, growing to Rs 1,208 crore from Rs 982 crore. It also reported a net profit of Rs 26.1 crore during the period.
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IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns
Inc42
·
1m ago
Medial
Pine Labs, a fintech company preparing for an IPO, faces significant tax and legal issues in India, with GST-related claims exceeding INR 300 crore. In February 2025, Bangalore's Joint Commissioner upheld a tax demand of INR 214.1 crore raised by GST Intelligence, Mumbai. Additionally, Pine Labs’ audit reports for FY22, FY23, and FY24 reveal concerns over internal financial controls, audit trail compliance, and delays in statutory payments, as outlined in its draft red herring prospectus (DRHP).
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Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Entrackr
·
9m ago
Medial
The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).
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Fintech unicorn Pine Labs files DRHP with SEBI for Rs 2,600 crore IPO
IndianStartupNews
·
29d ago
Medial
Pine Labs, a Noida-based fintech unicorn, has filed its draft red herring prospectus with SEBI, aiming to raise Rs 2,600 crore via an IPO. This includes a fresh issue and an offer for sale of 147.8 million shares. Key shareholders selling stakes include Peak XV Partners, Temasek, PayPal, and Mastercard. The funds will support debt repayment, Southeast and West Asia expansion, and technological advancements. Pine Labs reported Rs 1,208 crore in revenue, achieving profitability with a Rs 26 crore net profit.
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Fintech unicorn Pine Labs grows its losses from Rs 22.6 crore to Rs 56 crore in FY23
IndianStartupNews
·
1y ago
Medial
Fintech unicorn Pine Labs reported a 37% increase in operating revenue to Rs 1,280.5 crore in FY23, up from Rs 932 crore the previous year. However, its losses also grew significantly, nearly 2.5 times, from Rs 22.6 crore to Rs 56 crore. Pine Labs generates revenue from transaction processing fees, aggregator services, installation fees, and Buy Now Pay Later (BNPL) services. Expenses for the year amounted to Rs 1,402 crore, with employee benefits and legal fees being major contributors. Pine Labs provides mobile point-of-sale solutions for accepting card payments.
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Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise
YourStory
·
1m ago
Medial
Pine Labs has filed draft papers with SEBI for an IPO, aiming to raise Rs 2,600 crore through a fresh share issue. Existing investors, including Peak XV Partners, PayPal, and Mastercard, plan to offload up to 147.8 million shares. The funds will support international expansion, technological development, and debt reduction. Additionally, Pine Labs' entities reported increased FY24 losses due to rising expenses, despite modest revenue growth. Morgan Stanley, Citigroup, and Jefferies are lead managers for the IPO.
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Grapevine: Pine Labs, Harman, Apax, Bain, Carlyle, Diageo in news
VCCircle
·
1m ago
Medial
Digital payments platform Pine Labs plans to file for an IPO with India's capital markets regulator. Simultaneously, several private equity firms are competing to acquire a controlling stake in Harman US's digital transformation services (DTS) unit.
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Baron and Invesco mark up Pine Labs’ valuation
Entrackr
·
1y ago
Medial
US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs. While Baron increased its valuation to $5.8 billion, Invesco marked the firm’s value up to $4.8 billion as of December 2023. Earlier, Baron Funds valued the firm at $5.3 billion in September last year whereas Invesco cut its valuation to $3.9 billion as of October 31. Invesco had last invested $100 million in Pine Labs in September 2021 while Baron Capital led a $285 million round in the fintech unicorn in May. ET reported the development first via regulatory filings with the US Securities and Exchange Commission. Pine Labs has been facing ups and downs in its fair valuation since last year. For the record, Fidelity marked up its stake value in July last year but later slashed its valuation to $3 billion from $4.7 billion as of October. Pine Labs’ revenue continued to climb in FY23 as its collection spiked 56% to Rs 1,588 crore. However, its losses still not tapering down and grew by 12% to Rs 227 crore. The firm is yet to file its FY24 numbers. Pine Labs has been trying to go public for the past few years as its backers including Peak XV Partners are eyeing an exit. Last year, it finalized bankers for an IPO in the US but the attempt didn’t materialize even though the firm’s chief executive Rau refuted the reports of delaying the public listing plan on NASDAQ. On the lines of other large fintechs such as Groww and Razorpay, Pine Labs is seeking to move its domicile to India which appears to have a better public market sentiment for tech companies. Besides Pine Labs, Swiggy, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.
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BoAt Plans Confidential DRHP Filing for IPO, Aims to Raise Rs 2,000 Crore
OutlookIndia
·
5m ago
Medial
BoAt, a consumer electronics company, plans to confidentially file its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO), aiming to raise Rs 2,000 crore in FY26. The company, co-founded by Aman Gupta, seeks a valuation exceeding $1.5 billion but hasn't confirmed final figures. Previously, BoAt withdrew IPO papers amid unfavorable market conditions. The company's revenue fell 5% in FY24 to Rs 3,285 crore, yet losses decreased to Rs 70.8 crore.
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