Draft documents for the initial public offering (IPO) of fintech company Pine Labs were released, consisting of an offer for sale (OFS) of up to 14.78 crore shares by the promoter selling shareholder, as well as a new issuance valued at Rs.2,600 crore.

The company's IPO mandate is being managed by Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies.

Based on information available on Tracxn, Pine Labs is probably going to aim for a valuation of over $6 billion for its next initial public offering (IPO), which is marginally more than the $5 billion it raised during its private fundraising in March 2022.

The business, which had previously been headquartered in Singapore, moved closer to being a publicly traded firm earlier in 2025 when it finished moving its base back to India.

Marc Mathenz, the group chief financial officer of IPO-bound Pine Labs, resigned from his role just months before the company's anticipated public market debut, according to a Moneycontrol story.

Mathenz's departure was due to personal reasons. Mathenz, who was stationed in Singapore with Pine Labs CEO Amrish Rau, will be departing the company in the upcoming weeks.

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The Noida-based company filed as it prepares for a public listing later this year. Previously, it had stated a fundraising goal of Rs 5,000–6,000 crore ($585–702 million). In its most recent private round in 2022, Pine Labs was valued at $5 billion; in the IPO, it might be valued between $4 and $5 billion.

On April 9, Pine Labs successfully completed its reverse flip from Singapore to India after receiving approval from the National Company Law Tribunal's Chandigarh bench.

Among the leading bankers on the matter are Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies. Morgan Stanley, Citi, and Jefferies are identified as the book-running lead managers in the draft documents.

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The business recorded operating revenue of Rs 1,743 crore in FY24, an increase of about 10% from the previous year. Its loss before taxes, however, increased from Rs 227 crore in FY23 to Rs 339 crore.

Pine Labs will be one of several fintech companies preparing for initial public offerings. While Groww filed its DRHP in May to raise $700 million to $1 billion, PhonePe is anticipated to file its IPO filings by the third quarter of this year.

Pine Labs competes with companies like Paytm and PhonePe in the digital payments ecosystem by offering retailers hardware and end-to-end payment solutions.