One of India’s earliest fintech startups, Pine Labs, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO comprising a Rs 2600 Crore fresh issue and an offer for sale of 14.78 crore shares.
The Pine Labs listing is marked as one of the most anticipated public offerings in the fintech space; earlier than this, Gurugram-based Mobikwik went public in December last year, and Paytm’s parent, One97 Communication Limited, marked its public debut in November 2021.
Key Highlights of Pine Labs DRHP:
- They are planning to use IPO funds for loan repayment, tech investment, and general business purposes.
- The shares will be listed on both the NSE and the BSE.
- Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies are the lead bankers for the IPO.
Currently, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek’s 7.1% and PayPal’s 6%.
As mentioned, the fintech startup is offering 14.78 crore shares as part of the Offer for Sale (OFS), with Peak XV reportedly offloading 3.9 crore shares, while both Temasek and Actis will offload approximately 1.5 crore shares each.
On the financial front, Pine Labs reported ₹1,208 crore in revenue and a net profit of ₹26.1 crore in the first three quarters of FY25.
As the fintech space matures in India, many startups are preparing for public listings; a recent report indicates that PhonePe is preparing for its DRHP filing by August this year.
Groww also filed its DRHP last month, targeting a valuation ranging from $700 million to $1 billion.
