Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies are running the company’s IPO mandate.
Pine Labs is likely to seek a valuation of more than $6 billion for its upcoming IPO, slightly higher than $5 billion, the valuation it commanded during its private fundraise in March 2022, according to data available on Tracxn.
The company, which was earlier based in Singapore, had completed the process of flipping its base back to India earlier in 2025, in a move that brought it closer to becoming a publicly listed company.
According to a Moneycontrol report, Marc Mathenz, the group chief financial officer of IPO-bound Pine Labs, has stepped down from his position just months before the company’s planned public market debut.
Mathenz has cited personal reasons for his departure. Mathenz was based in Singapore along with Pine Labs’ chief executive officer, Amrish Rau, and will be leaving the organisation in the coming weeks.
With agency inputs
