Pine Labs, an Indian merchant-commerce startup backed by PayPal and Mastercard, is going public this week at a valuation about 40% lower than its last private round — even as it doubles down on plans to take its fintech platform global.
The Gurugram-based fintech has set a price band of ₹210–₹221 (about $2.00–$2.50) a share, valuing the company at approximately ₹254 billion (around $2.9 billion) at the upper end of the range. This represents a decline of about 40% from its last private valuation of over $5 billion in 2022.
Pine Labs has also reduced its primary offering by 20% to ₹20.8 billion (approximately $234 million) from ₹26 billion in its draft prospectus filed in June, while the offer for sale has been cut by 44% to 82.3 million shares from 148 millio
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