Pine Labs converts into public entity; appoints three independent directors
21 May 2025, 02:48 PMAmrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja have been appointed as independent directors.
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Pine Labs has converted itself into a public company as the company gears up for its initial public offering (IPO).
The company's board has passed a resolution for approval to change its status to a public company and rename it from “Pine Labs Private Limited” to “Pine Labs Limited” as per its regulatory filing, reported Entrackr.
The payments major has also appointed three independent directors ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India.
Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja have been appointed as independent directors. Gangotra also serves on the boards of companies including Triveni Turbine, Max Healthcare, and ABB India; Kumar is a former RBI official; and Juneja is a former ICICI Bank and TransUnion CIBIL executive who also sit in multiple boards.
Last month, the point-of-sale major chief executive officer Amrish Rau took over the additional role of managing director and chairman at Pine Labs.
Recently, The Head and Tale exclusively reported about Pine Labs securing the National Company Law Tribunal (NCLT)'s final approval to merge its Singapore and India entities, paving the way for the fintech company to shift its domicile from Singapore to India.
In a communication sent to shareholders, Pine Labs had informed that the process to convert Pine Labs India (a private limited company) into an unlisted public company is expected to take three to four weeks.
Further, Pine Labs informed its shareholders that it is continuing to work “full steam” on the various workstreams for the IPO (initial public offering), so that it can file its DRHP with SEBI as soon as the merger is effective.
The company is reportedly planning to launch its IPO in the second half of this year. If reports are to be believed then Pine Labs is eyeing a $1 billion public listing, which would comprise of issue of fresh equity shares as well as an offer for sale.
The Noida-based company -- which was last valued at $5 billion in 2022 -- targets a valuation between $6-$8 billion for its IPO.
Founded in 1998, Pine Labs also received an online payment aggregator licence from the Reserve Bank of India. Peak XV Partners owns majority stake in Pine Labs. Temasek, PayPal, and Mastercard are other marquee investors.
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