**Fintech Giant Pine Labs Eyes Mid-November IPO Launch**
*By Dwaipayan Roy | October 13, 2025, 7:54 PM*
Pine Labs, a leading fintech company backed by Peak XV, is preparing for an initial public offering (IPO) slated for mid-November. Sources close to the matter revealed to Livemint that the company’s $700 million IPO is expected to open in the first week of November, with the likely public listing scheduled between November 10 and 15. “The bankers are preparing accordingly,” one insider confirmed.
**Target Valuation Around $6 Billion**
Pine Labs aims for a valuation near $6 billion with this upcoming IPO. This is an increase from its last valuation of approximately $5 billion in early 2022. The company boasts an impressive investor roster, including Temasek, Peak XV, Sofina, and Alpha Wave.
The IPO buzz is also part of a broader trend, with other new-age players like Groww and Lenskart eyeing public market listings around the same time.
**Strong Financial Performance and Profitability**
The Securities and Exchange Board of India (SEBI) gave the green light for Pine Labs’ IPO last month. The company reported robust financial growth with revenues reaching ₹1,344 crore in FY24, up from ₹933 crore in FY22.
Significantly, Pine Labs turned profitable in the first nine months of FY25, posting a net profit of ₹26 crore. This marks a remarkable turnaround from a net loss of ₹151.6 crore during the same period the previous year.
**Company Evolution and Funding History**
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs began as a provider of card-based payment and loyalty solutions specifically for the retail petroleum sector. Over time, the company pivoted to point-of-sale (PoS) technology and has since evolved into a comprehensive fintech platform.
To date, Pine Labs has raised over $1 billion from prominent investors such as Peak XV Partners, Temasek, PayPal, Mastercard, and Fidelity.
**Future Strategy and Use of IPO Proceeds**
The capital raised through the IPO will be channeled into strengthening payments infrastructure, expanding credit offerings, and advancing product development. Pine Labs plans to focus efforts on mid-market and UPI-first merchants while extending its footprint across Southeast and West Asia through both organic growth and acquisitions.
Additionally, the company aims to enhance its credit-at-checkout solutions and accelerate the digitization of bank-led merchant onboarding processes.
As Pine Labs prepares for its public market debut, industry watchers anticipate that the IPO will mark a significant milestone in the fintech sector’s ongoing evolution.
https://www.newsbytesapp.com/news/business/pine-labs-ipo-likely-to-open-in-mid-november/story