Pine Labs seeks $2.9 billion valuation in IPO, nearly half its last private round

Online payments company Pine Labs, which is preparing to list on Indian bourses, is targeting a pre-money valuation of around $2.9 billion in its upcoming initial public offering (IPO), almost half of its $5 billion private valuation from its last funding round in 2022.

The company had raised $50 million from London-based private equity firm Vitruvian Partners at a valuation slightly above $5 billion, as reported by ET in March 2022.

Pine Labs now aims to raise Rs 3,900 crore through the IPO, comprising a fresh issue of Rs 2,080 crore and an offer for sale (OFS) by existing investors. The company has trimmed its issue size from what it had proposed in its draft prospectus, where it planned to sell 147.8 million shares and raise Rs 2,600 crore via a fresh issue, to 82 million shares in the final offer.


The company has fixed a price band of Rs 210-221

Institutional investors including Peak XV Partners, PayPal, Actis, Mastercard, and Sofina Ventures will partially offload their stakes in the IPO.

Several Indian startups have gone public at valuations lower than their last private funding rounds. For instance, electric two-wheeler maker Ola Electric was valued at $3.3 billion at its IPO, compared to a $5.7 billion valuation in its last private funding round.

According to the company’s red herring prospectus (RHP), Pine Labs reported a net profit of Rs 4.8 crore for the June quarter of FY26. Its operating revenue for FY25 stood at Rs 2,274 crore, up 28.5% from Rs 1,769 crore in FY24. In the first quarter of FY26, revenue rose 17.8% year-on-year to Rs 615 crore.

Pine Labs has also set aside an employee stock option (Esop) pool worth Rs 1,360 crore. As of June 2025, the company had granted 61.5 million options, which at the upper end of the IPO price band are valued at Rs 1,360 crore. Chief executive Amrish Rau, who joined the company in 2020, holds around 23 million stock options, according to disclosures in the RHP.

The development coincides with omnichannel eyewear retailer Lenskart’s ongoing Rs 7,300-crore IPO, valued at nearly Rs 70,000 crore, which has triggered intense debate and scrutiny on social media.