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Pine Labs To File DRHP For Up To $700 Mn IPO By June-End
- Pine Labs plans to file its DRHP for an up to $700 million IPO by the end of June, aiming to raise between INR 5,000 Cr to INR 6,000 Cr.
- The IPO might be valued between $4 billion to $5 billion, marking a 25% discount from its 2022 valuation.
- The company's CFO, Marc Mathenz, has resigned citing personal reasons before the IPO debut.
- Marc Mathenz was responsible for overseeing and scaling Pine Labs’ international business.
- Pine Labs' net loss in FY24 surged to INR 187.2 Cr while operating revenue increased marginally to INR 1,309.6 Cr.
- The fintech startup, founded in 1998, has raised around $1.6 billion in funding and provides payment solutions to businesses.
- Pine Labs began its IPO plans last year and is aiming for a public listing in the second half of 2025.
- The company is in the process of shifting to a public entity as it garners support for its IPO.
- Pine Labs appointed two new independent directors to its board in March 2025.
- The fintech unicorn is among the many Indian startups pursuing IPOs, including Meesho, Wakefit, Lenskart, and Groww.
- Ecommerce major Meesho is also gearing up to file its DRHP with SEBI in preparation for an IPO.
- Lenskart, Wakefit, and Groww are other startups in the process of converting into public entities for IPOs.
- Pine Labs has selected bankers like Axis Capital and Morgan Stanley for its IPO as part of its strategic preparations.
- CEO Amrish Rau mentioned the IPO launch is planned for the second half of 2025.
- The company has signaled intentions to raise additional capital, including through an IPO, by renaming to 'Pine Labs Limited.'
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