Merchant payments company Pine Labs has raised Rs 1,753 crore through its anchor placement round from 12 domestic mutual funds and several global investors. The company allotted 79 million shares at Rs 221 apiece.
Large domestic funds such as SBI Mutual Fund, HSBC, Mirae Asset, and Axis Mutual Fund accounted for 47% of the anchor allocation, contributing Rs 828 crore.
Among global investors, Singapore-based Integrated Core Strategies, Custody Bank of Japan, and the Massachusetts Institute of Technology Retirement Plan Trust (US) participated in the anchor round.
Pine Labs is seeking a post-money valuation of $2.9 billion, down from its $5 billion private-market valuation in 2022.
"Our approach has been to see what’s the right pricing that will excite the entire community (business owners, merchants), such that they will want in and support us? That's where we have priced it," chief executive Amrish Rau had said in a recent interview with ET.
The company aims to raise Rs 3,900 crore through its public issue, comprising a fresh issue of Rs 2,080 crore and an offer-for-sale for the remaining amount. The IPO is scheduled to open between November 7 and 11.
The company had reduced its IPO size. "The OFS component has shrunk because there was no supply from my investors. With regard to the primary component, with the way our financials have moved over the last two, three quarters, we are now PAT positive. Our net debt, which we may reduce, is okay. We are net debt negative, (i.e., have more money than debt). There has been no reduction in the investment areas identified between the DRHP and now," Rau had said.
According to its Red Herring Prospectus (RHP), Pine Labs reported a net profit of Rs 4.8 crore in the June quarter of FY26. Its operating revenue rose 28.5% year-on-year to Rs 2,274 crore in FY25, up from Rs 1,769 crore in FY24. In Q1 FY26, revenue increased 17.8% year-on-year to Rs 615 crore.
Pine Labs has also earmarked an ESOP pool worth Rs 1,360 crore. As of June 2025, the company had granted 61.5 million options, valued at Rs 1,360 crore at the upper end of the IPO price band. Chief executive officer Amrish Rau, who joined in 2020, holds about 23 million stock options, according to the RHP.
Also Read: Our scale & financials justify an IPO: Pine Labs CEO Amrish Rau
Large domestic funds such as SBI Mutual Fund, HSBC, Mirae Asset, and Axis Mutual Fund accounted for 47% of the anchor allocation, contributing Rs 828 crore.
Among global investors, Singapore-based Integrated Core Strategies, Custody Bank of Japan, and the Massachusetts Institute of Technology Retirement Plan Trust (US) participated in the anchor round.
Pine Labs is seeking a post-money valuation of $2.9 billion, down from its $5 billion private-market valuation in 2022.
"Our approach has been to see what’s the right pricing that will excite the entire community (business owners, merchants), such that they will want in and support us? That's where we have priced it," chief executive Amrish Rau had said in a recent interview with ET.
The company aims to raise Rs 3,900 crore through its public issue, comprising a fresh issue of Rs 2,080 crore and an offer-for-sale for the remaining amount. The IPO is scheduled to open between November 7 and 11.
The company had reduced its IPO size. "The OFS component has shrunk because there was no supply from my investors. With regard to the primary component, with the way our financials have moved over the last two, three quarters, we are now PAT positive. Our net debt, which we may reduce, is okay. We are net debt negative, (i.e., have more money than debt). There has been no reduction in the investment areas identified between the DRHP and now," Rau had said.
According to its Red Herring Prospectus (RHP), Pine Labs reported a net profit of Rs 4.8 crore in the June quarter of FY26. Its operating revenue rose 28.5% year-on-year to Rs 2,274 crore in FY25, up from Rs 1,769 crore in FY24. In Q1 FY26, revenue increased 17.8% year-on-year to Rs 615 crore.
Pine Labs has also earmarked an ESOP pool worth Rs 1,360 crore. As of June 2025, the company had granted 61.5 million options, valued at Rs 1,360 crore at the upper end of the IPO price band. Chief executive officer Amrish Rau, who joined in 2020, holds about 23 million stock options, according to the RHP.
Also Read: Our scale & financials justify an IPO: Pine Labs CEO Amrish Rau
