Pine Labs gets SEBI's nod for IPO in India

Fintech firm Pine Labs has received approval from SEBI to go public. The markets regulator shared its observations with the company on Thursday, September 11, according to SEBI’s website.

Pine Labs filed its draft papers with SEBI in June. The IPO will include a fresh issue of shares worth up to ₹2,600 crore ($304 million) and an offer for sale (OFS) of 14.78 crore shares. 

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Investors like Mastercard, Peak XV Partners, Macritchie Investments, PayPal, and cofounder Lokvir Kapoor are among those selling shares through the OFS.

Pine Labs will use the funds from the fresh issue to repay some borrowings, upgrade IT and cloud assets, expand its cloud infrastructure, and strengthen its global presence by investing in subsidiaries in Singapore, Malaysia, and the UAE.

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs provides payment solutions like PoS terminals and online gateways, serving over 5 lakh merchants across India, the Middle East, and Southeast Asia. 

In the first nine months of FY25, it posted a net profit of ₹26.1 crore compared to a ₹151.6 crore loss last year. Revenue grew 23% year-on-year to ₹1,208.2 crore in the same period.

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