Pine Labs the company, which offers payment and lending solutions to merchants, is planning to file its draft red herring prospectus (DRHP) with SEBI by the end of June. It aims to raise around ₹5,000 to ₹6,000 crore through an IPO later this year.
The expected valuation is going to be $4–5 billion which is similar to what it was valued at in its last private funding round. But before all this, Pine Labs recently moved its base back to India from Singapore. This move, called a “reverse flip”, was approved on April 9 by the National Company Law Tribunal
in Chandigarh. The idea was simple to align with Indian rules before going public.
Financially, Pine Labs clocked an operating revenue of ₹1,743 crore in FY24, but it also reported a pre-tax loss of ₹339 crore. The company had earlier planned to list in the U.S. in 2022 and had even filed confidentially with the SEC. That plan didn’t go ahead, but this time, they seem ready for the Indian markets.
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