Pine Labs IPO to open Nov 7 as gray market hits ₹60 premium
Pine Labs has scaled back its initial public offering ahead of a scheduled launch during the week starting on Thursday. The fintech company cut the number of existing shares for sale by 44 percent while reducing fresh capital plans by 20 percent from earlier proposals filed in June, according to an updated prospectus submitted on Oct. 31.
Existing shareholders, including Peak XV Partners, PayPal and Mastercard, will sell 82.3 million shares rather than the 147.8 million originally planned. The company will raise about 2,080 crore rupees through new stock sales instead of the previously targeted 2,600 crore rupees. Peak XV intends to sell 23 million shares, PayPal roughly 6.7 million and Mastercard approximately 5.9 million. Private equity firm Actis and Singapore sovereign fund Temasek are also reducing their holdings.
The payment solutions provider competes with Paytm and PhonePe in a market that has become the third-largest globally for public listings. Gray market trading shows shares commanding a 60 rupee premium before the offering opens. The company reported profits of 261.4 million rupees on revenue of 12.08 billion rupees during the nine months through December 2024. Officials have not explained the downsizing or disclosed expected post-listing valuation figures.
