Pine Labs looks to raise $700 million via IPO including major OFS participation from existing institutional holders

Pine Labs is targeting a $700 million raise (~INR 6,667 crore) in its upcoming IPO, which includes a major offer for sale segment by existing institutional investors. The capital raise reflects confidence in India’s expanding fintech adoption cycle and merchant acceptance layer scale. Analysts say the deal will test valuation resilience in a crowded late cycle listing window as capital markets appear selective toward profitability alignment rather than pure revenue scale up stories. The raise positions Pine Labs as a core fintech issuance benchmark for 2025 public markets.