Pine Labs cuts IPO size; plans to raise Rs 2,080 crore via fresh issue
01 Nov 2025, 05:14 PMAs per Pine Labs' DRHP, which was filed in June, the IPO was to comprise a fresh issue of up to Rs 2,600 crore and an OFS of up to 14.78 crore shares.
Arti Singh
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Payments major Pine Labs has cut the size of its upcoming initial public offering (IPO), which will comprise a fresh issue of up to Rs 2,080 crore and offer for sale (OFS) of up to 8.23 crore shares, according to its updated prospectus.
As per its DRHP, which was filed in June, the IPO was to comprise a fresh issue of up to Rs 2,600 crore and an OFS of up to 14.78 crore shares.
The IPO, set to open between 7 and 11 November – similar timing when another fintech major Groww is planning to go public at around $7-8 billion valuation.
An Important Read: In July, The Head and Tale did a detailed dissection of Pine Labs' IPO papers and the company’s business model.
Most investors have reduced the number of shares they would sell via the OFS. The biggest reduction came from Peak XV Partners Pine Investment Holdings, which has cut its OFS size to 2.3 crore from 3.8 crore in the DRHP.
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MW XO Digital Finance Fund – which was part of selling shareholder in DRHP – will not be selling any shares via the OFS. However, Sofina Ventures plans to sell 20 lakh shares, as per RHP.
Pine Labs plans to use Rs 532 crore from the IPO proceeds for repayment/ prepayment of borrowings availed by it and its subsidiaries – as compared to Rs 870 crore mentioned in DRHP.
Pine Labs' operating revenue stood at Rs 616 crore during Q1 FY26 from Rs 522.4 crore in Q1 FY25. The company posted a small profit of Rs 4.8 crore in Q1 FY26 from a net loss of Rs 27.9 crore reported in the year-ago quarter.
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