Merchant commerce platform Pine Labs raises Rs 1,754 crore via anchor book, Rs 3,900-crore IPO to open on November 7

Pine Labs IPO News

Pine Labs, the merchant commerce platform backed by Peak XV Partners, PayPal, Mastercard and Temasek Holdings, has raised over Rs 1,753.8 crore from 71 investors via anchor book on November 6, a day before its IPO launch.

The Rs 3,900-crore IPO, a combination of fresh issue of Rs 2,080 crore and an offer-for-sale of 8.23 crore shares worth Rs 1,820 crore by existing shareholders, will open for public subscription on November 7 and close on November 11, with price band of Rs 210-221 per share, followed by the share allotment details on November 12. The trading in Pine Labs shares will commence on the bourses effective November 14.

The Noida-based fintech solutions provider has finalised allocation of 7.93 crore equity to shares to anchor investors at the upper price band. Of which, "3.75 crore equity shares (or 47.26 percent of total anchor portion) worth Rs 828.8 crore were allocated to 12 mutual funds which applied through their 30 schemes," the company in its filing said.

Prominent global investors like Morgan Stanley, Nomura, Franklin Templeton, Fundpartner Solutions, Massachusetts Institute of Technology, BNP Paribas, Eastspring Investments, and Amundi Funds participated in the anchor book.

On the domestic front, SBI MF, Aditya Birla Sun Life AMC, Mirae Asset, HSBC MF, ICICI Prudential MF, Tata MF, DSP MF, Axis Mutual Fund, Bandhan MF, Edelweiss, Abakkus Asset Manager, Baroda BNP Paribas MF, and PGIM India among others became a part of public shareholders by investing in the company via anchor book.

Several insurance firms like Bajaj Allianz Life Insurance, Axis Max Life Insurance, Bharti Axa Life Insurance, and Reliance General Insurance Company also showed interest in Pine Labs that reduced offer size from Rs 5,867 crore to Rs 3,900 crore.

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The technology company focusing on digitising commerce through digital payments by issuing solutions for merchants, consumer brands and enterprises, and financial institutions intends to utilise Rs 532 crore of fresh issue proceeds for repayment of certain borrowings.

Further, Rs 60 crore will be invested in subsidiaries (Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE) for expanding presence outside India, Rs 760 crore for IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs, and the remainder funds for general corporate purposes.

Pine Labs, which is valued at nearly Rs 25,400 crore and competes with Paytm and Zaggle in India, reported profit at Rs 4.8 crore in the quarter ended June 2025, against loss of Rs 27.8 crore in corresponding period previous fiscal. Its revenue stood at Rs 615.9 crore, growing 17.9 percent over Rs 522.4 crore during the same period.

In the fiscal 2025, its loss narrowed to Rs 136.4 crore from Rs 397.6 crore in the previous year. In the same period, its revenue surged 28.5 percent to Rs 2,274.3 crore, up from Rs 1,769.5 crore.

Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India are managing the Pine Labs IPO.