The IPO, scheduled for November 7 to 11, follows a wave of listings on a busy primary market. Pine Labs, a provider of payment solutions such as POS terminals, competes with the likes of Paytm and PhonePe, owned by Walmart.
Existing investors, such as Peak
The company is also looking to raise 20.8 billion rupees ($236.65 million), up from 26 billion ($295.81 million) in June, its Oct. 31 prospectus showed.
Indian regulations allow companies to adjust the size of their IPOs to some extent after filing draft papers.
Reuters could not immediately determine why Pine Labs scaled back its offer, nor what its expected valuation is after the IPO. The company had a valuation of $6 billion in mind at the time of the filing in June, sources had told Reuters. Pine Labs did not immediately respond to a Reuters query.
The updated prospectus shows that Peak XV aims to sell 23 million shares, while PayPal and Mastercard plan to sell 6.7 million and 5.9 million shares respectively.
London-based private equity firm Actis and Singapore-based Temasek are also among the investors splitting their stakes.
India is the third-largest IPO location this year and is expected to cross a record $20.5 billion in funding by 2024 amid blockbuster listings from companies like LG Electronics India.
Share sales by other technology-driven companies such as Groww, Lenskart and boAt are also in the pipeline.
Pine Labs reported a profit of 261.44 million rupees for the nine months ended December 2024, on revenue of 12.08 billion.
($1=87.8950 rupees)
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