India, June 12 -- Gearing up for its initial public offering (IPO) later this year, Peak XV-backed fintech unicorn Pine Labs reportedly plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India by end of this month.

Sources told Economic Times that the payments solutions platform is looking to raise INR 5,000 Cr ($585 Mn) to INR 6,000 Cr ($700 Mn) via its IPO at a likely valuation of $4 Bn to $5 Bn. At the lower end of the spectrum, this represents a discount of 25% from $5 Bn at which the startup was pegged in 2022.

The target is "an IPO towards the end of the year, depending on market conditions," a source reportedly said.

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