Indian fintech major Pine Labs has received approval for its initial public offering (IPO) from the markets regulator Securities and Exchange Board of India (SEBI), as per official document.

Pine Labs, which competes which other fintech companies such as Paytm, Walmart's PhonePe and Razorpay, had filed draft papers for its IPO in June.

The Head and Tale had done a deep dive into the company's IPO filings. (Click here, to read)

The public offer comprises of fresh issue of shares worth Rs 2,600 crore ($304 million) and offer for sale (OFS) of up to 14.78 crore shares by existing backers such as Peak XV Partners, PayPal, Mastercard, Actis and Temasek.

Pine Labs intends to use the proceeds from the fresh issue of shares to invest in overseas units, develop technology and reduce its borrowings.

The fintech company's revenue from operations in the nine months ended December 31, 2024 grew 23% to Rs 1,208 crore from Rs 982 crore in the same period previous year. Notably, it swung to a profit of Rs 26.14 crore in the nine months ended December 31, 2024 from a loss of Rs 151 crore in the same period previous year.

A slew of new-age companies including from the fintech sector have lined up for IPO this year.

In August, stock broking platform Groww, which had chose the confidential route for its IPO, also got the SEBI's nod for its public offering.

PhonePe was preparing to file for its IPO via the confidential route as well.