Indian fintech Pine Labs cuts IPO size, aims to raise $236.65M amid profit and growth.

Indian fintech Pine Labs has scaled back its IPO, reducing the shares offered by existing investors by 44% and new shares by 20%, now aiming to raise 20.8 billion rupees ($236.65 million) from November 7–11. The company, which reported a profit of 261.44 million rupees for the nine months ending December 2024, plans to use proceeds for debt repayment, tech upgrades, and international expansion. It processed $185 billion in annualized gross transaction value in FY25 and serves over 9.88 lakh merchants. Major investors including Peak XV, PayPal, and Mastercard are selling shares. The IPO’s final valuation remains undisclosed.