Digital payments company Pine Labs has announced its intention to raise approximately USD 439 million through an initial public offering (IPO) on the Mumbai stock exchange. The IPO is set to offer shares priced between INR 210 and INR 221 each. Regulatory filings indicate that bids from anchor investors will begin on November 6, 2025, with the general public able to subscribe from November 7 to November 11. If priced at the highest range, this would value Pine Labs at about USD 2.8 billion.

The offering includes both a new share issue and the sale of approximately 82.35 million shares by the company’s founder and existing investors such as Peak XV Partners, Mastercard Asia, and PayPal Pvt Ltd. Pine Labs representatives mentioned that they scaled back the size of their initial filing from June.

Market Context and Company Performance

As India sees a growing digital payments ecosystem with an increasing use of electronic and mobile payment solutions, this IPO comes at an opportune time. Industry analysts note that the Indian fintech market remains active, with several tech and financial services firms poised to list their shares amid robust investor interest.

Headquartered in Noida, Pine Labs specializes in merchant payment processing and point-of-sale solutions. It also operates in Singapore, Malaysia, and the United Arab Emirates. The company’s listing is being handled by Axis Bank Ltd and the local units of Morgan Stanley, Citigroup, JPMorgan Chase, and Jefferies Financial Group. Pine Labs officials state that this move aims to bolster its position in digital commerce and support regional expansion plans.