India, June 26 -- Fintech unicorn Pine Labs has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) with the markets regulator SEBI. The company's IPO will comprise a fresh issue of shares worth up to INR 2,600 Cr ($304 Mn) and an offer for sale of up to 14.78 Cr shares.

The OFS will see existing investors Mastercard, Peak XV Partners, Macritchie Investments, Paypal, cofounder Lokvir Kapoor, among others, sell their shares.

The proceeds from the fresh issue will be used to repay debt and invest in subsidiaries like Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to expand presence outside of India.

Besides, the company may consider raising INR 520 Cr in its pre-IPO round

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