Pine Labs plans to raise $439m through an IPO in Mumbai, offering shares priced between $2.37 and $2.49 each. Anchor investors can bid on November 6, with the subscription window for others from November 7-11. The IPO includes a fresh share issue of $2.86bn and the sale of 82.35 million shares by current investors.

Backed by Mastercard and PayPal, Pine Labs has downsized its IPO compared to previous plans. It aimed to raise $358m in new shares and offer 147.8 million shares from existing shareholders. The revised strategy reflects the current IPO size.

India’s digitization push fuels Pine Labs’ IPO launch as the country sees a bustling primary market for fintech firms. The Noida-based company offers merchant payment solutions across India, Singapore, Malaysia, and the UAE.

For the fiscal year ending March 2025, Pine Labs reported a loss of $19.4m on revenue of $318m. Axis Bank and local units of Morgan Stanley, Citigroup, JPMorgan Chase, and Jefferies Financial Group are managing the share sale.

Pine Labs’ IPO is managed by Axis Bank and global financial firms, signaling confidence in the company’s growth potential. The listing comes amidst India’s digital transformation and a thriving market for fintech companies.

Read more at Yahoo Finance: India’s Pine Labs plans to raise $439m via IPO