Pine Labs has reduced the size of its upcoming initial public offering after existing investors decided to sell fewer shares at the proposed ₹210–₹221 price band, valuing the company near US$2.9 billion. The revised prospectus shows existing-shareholder sell-down cut by around 44% and the fresh issue trimmed by roughly 20%, shrinking overall capital targeted. Management says improved fundamentals and profitability allowed the change. The IPO window remains crowded with other fintech and platform listings, making subscription pace and anchor participation crucial for pricing and listing performance.