Pine Labs CEO says IPO size shrunk as investors decided to sell less at the price range

Indian financial technology company Pine Labs has scaled back the size of its initial public offering as existing shareholders wanted to sell a smaller portion of their stake at the set price range, CEO Amrish Rau told Reuters in an interview.The company, which provides payment solutions such as point-of-sale terminals, cut the portion offered by existing investors by 44% and new shares by 20% in its updated prospectus filed on Friday.

It set a price range of Rs 210 to Rs 221 per share at a valuation of USD 2.9 billion at the high end of the range, much lower than the USD 5 billion valuation at the last fundraise in 2022. The three-day share sale will start on November 7 and close on November 11. “We have priced the offering so that we believe we will have the goodwill of the ecosystem,” Rau said. “Therefore, some selling shareholders – where they had a higher threshold (to sell) – felt they wanted to sell less of their shares.”

Indian regulations allow companies to adjust the size of their IPOs to some extent after filing draft papers.

‘Because of our financial position [has] improved, there is no need to reduce the debt we have… we felt that the main component can be scaled back and the equity dilution… can be reduced,” Rau said. Existing investors such as Peak to raise rupees ($236.65 million) worth of shares as a new issue of shares from the 26 billion rupees it attempted to raise in June.

Pine Labs competes with the likes of Paytm and Walmart-owned PhonePe. It turned profitable in the June 2026 quarter, reporting Rs 47.86 million in profit and revenue of Rs 6.16 billion.

The IPO joins a wave of listings in a busy primary market, with share sales by other tech-driven companies such as Groww, Lenskart and boAt also in the offing.

($1 = 87.8950 Indian Rupees)