Decoding Pine Labs’ DRHP: Fintech aims to raise Rs 2,600 crore via an IPO

Noida-headquartered merchant payments company Pine Labs has filed its draft red herring prospectus (DRHP) with stock market regulator Sebi. The company plans to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.8 million shares.

Backed by global investors such as Peak XV Partners (formerly Sequoia India), Mastercard, PayPal and Temasek, Pine Labs is seeking a valuation of around $4-5 billion through this public issue, according to people in the know.

The payments company was primarily owned by Peak XV Partners until…