Indian payments company Pine Labs is reportedly seeking to raise over $430 million from its upcoming IPO in Mumbai. The listing is set for November 7 to 11, with anchor investors allowed to bid a day earlier. Pine Labs aims for a valuation of $2.86 billion, a decrease from its previous valuation of over $5 billion in 2022. The share sale size has been reduced by approximately 44%, dropping from 148 million shares to 82.3 million.
November is expected to be a busy month for India’s capital markets, with additional IPOs planned from companies like Lenskart, Groww, PhysicsWallah, Meesho, Boat, Shadowfax, and Wakefi.