Pine Labs Limited (“The Company”), a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The offer comprises of fresh issue of equity shares aggregating up to ₹26,000 million (₹2600 crore) (The “Fresh Issue”) and offer for sale Up to 147,822,225 Equity Shares by Selling Shareholders.(The “Offer for Sale”).
Pine Labs processed payments of ₹7,531.05 billion-in gross transaction value (“GTV”) and 3.97 billion transactions through its platforms in the nine months period ending December 31, 2024. As of December 31, 2024, company had 915,731 Merchants, 666 consumer brands and enterprises, and 164 financial institutions, who used its platforms to enable transactions quickly, securely and easily manage their business.
Pine Labs provide a wide suite of services within its Digital Infrastructure and Transaction Platform and Issuing and Acquiring Platform. According to the Redseer Report, in India, company’s core market, it were the largest player in closed and semi-closed loop gift card issuances by transaction value in Fiscal Year 2024. The company were also the largest digital affordability solution enablers at DCPs in terms of total processed value, among the top five in-store digital platforms, and a prominent Bharat Connect transactions processing solutions provider in Fiscal Year 2024, according to the Redseer Report.
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (“Listing Details”)
Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Jefferies India Private Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)
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