Pine Labs Set for IPO on Indian Stock Exchange

Pine Labs, a leading merchant commerce and payments platform, is gearing up for its initial public offering (IPO) on the Indian stock exchange, having recently transitioned its Indian entity into a public company. This pivotal change follows the company’s approval from the National Company Law Tribunal to move its headquarters from Singapore to India.

The Pine Labs board has approved the transformation to a public company, changing its name from “Pine Labs Private Limited” to “Pine Labs Limited,” as revealed in regulatory filings.

New Appointments Aligning with Compliance

To adhere to the Companies Act, Pine Labs has also appointed three independent directors ahead of submitting its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India. The newly appointed independent directors include Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja, as stated in the filings.

Gangotra brings over 35 years of experience in technology and business leadership and serves on various boards, including Triveni Turbine, Max Healthcare, and ABB India. Kumar, a former Reserve Bank of India official with over thirty years in the financial sector, and Juneja, who has held senior positions at ICICI Bank, TransUnion CIBIL, and Niva Bupa, are also influential in their respective networks.

Leadership Changes at Pine Labs

In a recent development reported exclusively by Startup Superb, Pine Labs has elevated its Chief Executive Officer (CEO), Amrish Rau, from Additional Director to Managing Director and Chairman. This shift indicates the company’s commitment to strengthening its leadership team as it looks ahead to its IPO.

IPO Plans for 2025

Pine Labs aims to launch its IPO in the latter half of 2025. Various media reports suggest the company is targeting a $1 billion public issue that will include both fresh equity shares and an offer for sale (OFS). Major investment banks such as Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies are on board to facilitate the process.

Services Offered by Pine Labs

Pine Labs is distinguished as a merchant commerce platform that provides point of sale (POS) services allowing merchants to accept card and QR-based payments within their establishments. Additionally, it offers innovative solutions like Buy Now Pay Later (BNPL), invoice management, and gifting capabilities for merchants.

According to various sources from startup data intelligence platforms, Pine Labs has successfully raised nearly $1.3 billion in funding from notable investors such as Peak XV Partners, Temasek, PayPal, and Mastercard, among others. Currently, the company is valued at approximately $5 billion.