**Fintech giant Pine Labs might get listed in mid-November**
*By Dwaipayan Roy | Oct 13, 2025 07:54 pm*
Pine Labs, a leading fintech company backed by Peak XV, is gearing up for an initial public offering (IPO) next month. Sources familiar with the matter told Livemint that the company’s $700 million IPO is likely to open in the first week of November.
“The company is likely to go public between November 10-15. The bankers are preparing accordingly,” one source revealed.
**Valuation Target: Pine Labs Seeks $6 Billion Valuation**
Pine Labs aims for a valuation of around $6 billion with its upcoming IPO. The company counts Temasek, Peak XV, Sofina, and Alpha Wave among its prominent investors. Its last valuation stood at approximately $5 billion in early 2022.
Other new-age companies such as Groww and Lenskart are also eyeing public market listings during this period, indicating a strong IPO season ahead.
**Financial Growth: Company Turned Profitable in FY25**
The Securities and Exchange Board of India (SEBI) granted approval to Pine Labs for its IPO last month. The company reported revenue of ₹1,344 crore in FY24, up significantly from ₹933 crore in FY22.
Notably, Pine Labs turned profitable in the first nine months of FY25, posting a net profit of ₹26 crore, marking a major turnaround from a loss of ₹151.6 crore during the same period the previous year.
**Company Evolution: Pine Labs Has Raised Over $1 Billion**
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs began as a card-based payment and loyalty solutions provider for the retail petroleum sector. It later pivoted to point-of-sale (PoS) technology and has since evolved into a full-stack fintech company.
To date, Pine Labs has raised over $1 billion from leading investors such as Peak XV Partners, Temasek, PayPal, Mastercard, and Fidelity.
**Future Strategy: Plans to Strengthen Credit-at-Checkout Solutions**
The funds raised from the IPO will be used to bolster payments infrastructure, expand credit offerings, and fuel product development. Pine Labs plans to focus on mid-market and UPI-first merchants, deepen its presence across Southeast and West Asia, and continue making strategic acquisitions.
Additionally, the company aims to strengthen its credit-at-checkout solutions and digitize bank-led merchant onboarding to enhance customer experience.
As Pine Labs prepares to enter the public markets, its growth trajectory and industry innovation are poised to capture considerable investor interest.
https://www.newsbytesapp.com/news/business/pine-labs-ipo-likely-to-open-in-mid-november/story
