Digital payments provider Pine Labs has announced plans to raise as much as $439m through an initial public offering (IPO) in Mumbai.

The Pine Labs’ IPO will offer shares priced between Rs210 ($2.37) and Rs221 ($2.49) each, with the company seeking a valuation of Rs253.77bn ($2.86bn) at the upper end of the price band.

While anchor investors will be able to place their bids on 6 November, the subscription window for other investors is scheduled from 7 November to 11 November, as outlined by the company in a filing.

The offering consists of a fresh issue of shares valued at Rs20.8bn and the sale of approximately 82.35 million shares by Pine Labs founder as well as existing investors, including Peak XV Partners, PayPal Pvt., and Mastercard Asia, reported Bloomberg.

Pine Labs, backed by Mastercard and PayPal Holdings, has scaled down its IPO size compared to earlier plans.

The company had previously aimed to raise up to Rs26bn in new shares, with existing shareholders offering about 147.8 million shares, as per the draft prospectus filed in June. The current IPO size reflects a revised fundraising strategy.

The listing comes at a time when India is experiencing rapid digitisation and a busy primary market for financial technology companies, reported the media outlet.

Pine Labs, based in Noida, provides merchant payment solutions, including point-of-sale terminals, and operates not only in India but also in markets such as Singapore, Malaysia, and the UAE.

For the fiscal year ending March 2025, Pine Labs reported a loss of Rs1.45bn on revenue of Rs22.74bn, as per its filings.

The share sale is being managed by Axis Bank and the local units of Morgan Stanley, Citigroup, JPMorgan Chase, and Jefferies Financial Group.