Pine Labs trims IPO size as existing shareholders sell less

Indian fintech Pine Labs has reduced the size of its November IPO after existing investors opted to offer fewer shares, shrinking the offer by roughly 44% and trimming fresh issuance by about 20%. The revised prospectus shows the firm now expects to raise around ₹2,080 crore in the November 7–11 window while targeting a valuation near $2.9 billion. Management said the move limits dilution as the company strengthens profitability, and bankers expect healthy retail interest despite a competitive primary market.