Pine Labs eyes $400m target for upcoming IPO

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Pine Labs is also seeking a valuation of $2.86bn from the listing which is scheduled to take place between November 7 and 11 with anchor investors able to bid a day earlier. 

Pine Labs, which is backed by Mastercard and PayPal, has scaled down its expectations from previous months.

The share sale size is around 44% less than the original filing – from 148 million to 82.3 million. Meanwhile, the $2.86bn valuation is a 40% drop from its 2022 figure of more than $5 billion.

November is set to be a busy time for India’s capital markets with IPOs also planned for the likes of Lenskart, Groww, PhysicsWallah, Meesho, Boat, Shadowfax and Wakefi.