New Delhi, India – Indian fintech company Pine Labs has trimmed the size of its upcoming initial public offering (IPO), according to an updated prospectus released Friday. The IPO, now scheduled to run from November 7 to November 11, reduces both the portion offered by existing investors and the number of new shares being issued to raise capital.

Existing investors, including Peak XV Partners, PayPal, and Mastercard, are now expected to sell a combined 82.3 million shares, down from 147.8 million shares in the draft prospectus filed in June. Additionally, Pine Labs plans to raise 20.8 billion rupees ($236.65 million), a reduction from the previously targeted 26 billion rupees ($295.81 million).

“The company and its investors have adjusted the IPO size in line with market conditions and regulatory provisions, which allow for modifications post-draft filing,” according to the prospectus.

About Pine Labs and Its Market Position

Pine Labs is a leading provider of payment solutions, including point-of-sale (POS) terminals, and competes with notable fintech players such as Paytm and Walmart-owned PhonePe. The company reported a profit of 261.44 million rupees for the nine months ending December 2024 on revenue of 12.08 billion rupees, reflecting steady growth in India’s rapidly expanding digital payments sector.

The reduction in IPO size affects not only Peak XV, PayPal, and Mastercard, but also London-based private equity firm Actis and Singapore-based Temasek, who are paring their stakes as part of the offering.

IPO Landscape and Market Context

India has emerged as the third-largest IPO market globally in 2025, expected to surpass the record $20.5 billion raised in 2024. The Pine Labs IPO is part of a broader wave of listings, which includes tech-driven companies such as Groww, Lenskart, boAt, and LG Electronics India. Analysts note that the trimmed IPO may reflect market conditions and investor appetite ahead of the launch.

At the time of its June draft filing, Pine Labs was reportedly aiming for a $6-billion valuation, though the final post-IPO valuation has not yet been confirmed. The company did not immediately respond to requests for comment from Reuters.

Implications for Investors

For investors, the Pine Labs IPO presents an opportunity to participate in India’s fast-growing fintech sector, while the adjusted share sale size could influence pricing and demand. Market observers expect robust interest given Pine Labs’ position in the digital payments ecosystem, strong revenue growth, and the strategic involvement of global investors.

The IPO will provide liquidity to major shareholders while also offering retail and institutional investors a chance to gain exposure to one of India’s leading fintech innovators.