The company is looking to raise around Rs ₹5,000 crore through the initial public offering.
| Photo Credit:
Amit Dave
Fintech major Pine Labs is planning to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of this month, according to people in the know.
The company is looking to raise around ₹5,000 crore through the initial public offering (IPO), and has appointed Axis Capital, JP Morgan, Morgan Stanley, Citi and Jefferies as bankers.
“The company is targeting the end of this year for the IPO but it will depend on the market conditions,” said a person familair with the matter.
The company has not responded to questionnaire sent by businessline.
Change in guard and financials
Pine Labs is also seeing a change in its C-suite level as the company gears up for its IPO. Marc Mathenz, the group chief financial officer, has resigned from his position, sources added. He will be leaving the organisation in the coming weeks.
Mathenz took over the role from Sameer Maheshwary who had moved to the Senior Vice President of Capital Markets.
Recently, the company completed its reverse flip after it got the nod from National Company Law Tribunal to shift its domicile from Singapore to India.
For FY24, Pine Labs reported an operating revenue of ₹1,743 crore, while its loss before tax stood at ₹339 crore, according to regulatory filings.
Pine Labs joins the growing list of fintech players looking to go for IPO this year. Bengaluru-based firm Groww, a stock broking and wealth management, filed its DRHP with the market regulator aiming to raise $700 million to $1 billion through its IPO. Walmart-owned PhonePe is also expected to file its IPO papers by the third quarter of this year.
Published on June 11, 2025
