PayPal-Backed Pine Labs Sets IPO Price Band at $2.39-$2.51 for $439 Million Mumbai Listing

Fintech company Pine Labs, backed by global investors PayPal and Mastercard, has set the price band for its initial public offering (IPO) in Mumbai between $2.39 and $2.51 per share, aiming to raise approximately $439 million. The post-issue valuation stands at around $2.89 billion for the payments solutions provider.

The IPO comprises a fresh share issue worth about $234 million and a secondary sale by existing investors, including PayPal and Mastercard, who will divest their stakes through this component. Initially, the company planned to raise $290 million through new share issuance but revised its filing documents to reduce the amount. Anchor investors can place bids between November 6 and November 7, with the general public subscription opening on November 11 for retail and institutional investors.

Major financial institutions, including Axis Bank, Morgan Stanley, Citigroup, JPMorgan Chase, and Jefferies, are managing the transaction. Pine Labs operates as a point-of-sale solutions provider across India and international markets such as Singapore, Malaysia, and the United Arab Emirates, deploying tens of thousands of terminals and digital checkout systems. Digital payments and contactless transactions have driven higher merchant adoption rates, leading to increased transaction volumes.

International revenue contributed 21% to 23% of total sales in the previous financial year, with Southeast Asia and the Middle East representing key growth markets for expansion. Proceeds from the fresh share issuance will be used to repay debt, strengthening the balance sheet and reducing borrowing costs. Additionally, funds will support investments in IT infrastructure, cloud platforms, software development, and digital payment technologies to enhance transaction speed, efficiency, and security. The remaining proceeds will fuel international expansion in emerging markets, reducing revenue concentration risk from dependence on India alone.

This IPO marks a critical milestone in Pine Labs' evolution from a private startup to a publicly traded company and serves as a test case for investor appetite in India's fintech sector, attracting global attention to tech-driven payment firms.