India, Sept. 18 -- Fintech major Pine Labs is reportedly looking to raise $700 Mn (about INR 6,178.5 Cr) via its initial public offering (IPO) next month.

Sources told Bloomberg that the company has already begun roadshows for its public listing and is aiming to list on the exchanges in the second half of October.

However, the fintech giant is reportedly reducing its public issue size to $700 Mn from $1 Bn earlier. The report further noted that Pine Labs' existing backers decided to pull back, which led to the company trimming the size of the offer-for-sale (OFS) component.

Inc42 has reached out to Pine Labs for a comment on the matter and the story will be updated upon receiving their responses.

This follows Pine Labs receiving marke...