Key Highlights

• Pine Labs converts to public company ahead of $1 billion IPO on Indian stock exchange
• Fintech unicorn Pine Labs appoints independent directors for planned SEBI IPO filing
• Pine Labs targets late 2025 IPO with backing from Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies

Merchant commerce and payments platform Pine Labs is preparing for an Indian stock exchange launch after recently converting its Indian entity to a public company for the planned IPO.

Not long after, just weeks after approval, the company converted to a domestic Indian company.

According to the company’s regulatory filing, the board at Pine Labs has given its approval to list itself publicly and change its name from Pine Labs Private Limited to Pine Labs Limited.

The fintech unicorn recruited three independent directors before filing its Draft Red Herring Prospectus with the Securities and Exchange Board of India.

According to the filing, Pine Labs has named Amrita Gangotra, Smita Chandramani Kumar and Maninder Singh Juneja as independent directors.

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Along with being in tech and business leadership for over 35 years, Gangotra also sits on the boards of Triveni Turbine, Max Healthcare and ABB India. Kumar, who worked for around three decades at the RBI and Juneja, a former executive at ICICI Bank, TransUnion CIBIL and Niva Bupa, are part of several other boards.

In the second half of 2025, the payments firm is exploring an IPO. According to information from the media, it is preparing a $1 billion public offering and will include the issue of new equity and an offer for sale (OFS). Among the bankers Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies join Pine Labs.