India, Nov. 3 -- Pine Labs Ltd. has reduced the size of its initial public offering, even as it eyes a valuation of more than Rs.25,300 crore (about $3 billion).

On offer in the Pine Labs IPO are 17.64 crore shares-9.41 crore new shares and 8.23 crore via an offer for sale-in a price band of 210-221 apiece to raise as much as Rs.3,900 crore, according to the firm's red-herring prospectus released on Monday (3 November 2025). The lot size for retail investors is set 67 shares, which translates into a minimum investment of Rs.14,807.

According to its draft red-herring prospectus filed in June 2025, Pine Labs was looking to raise up to Rs.2,600 crore by issuing new shares, as against Rs.2,080 crore now. The size of the offer-for-sale has a...