Payments and lending platform Pine Labs is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) by the end of June, according to a report by The Economic Times. The Noida-based company is aiming to raise between INR 5,000 and 6,000 crore through an initial public offering (IPO) later this year, with a targeted valuation of $4–5 billion—on par with its last private funding round.

According to people familiar with the matter, the company has mandated Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as lead bankers for the issue. “The plan is to file the DRHP by June-end and target the IPO towards the end of the year, depending on market conditions,” one of the sources told ET.

Pine Labs, which was formerly headquartered in Singapore, recently completed a structural shift back to India through a reverse flip—a move finalized on April 9 following approval from the Chandigarh bench of the National Company Law Tribunal. The relocation is seen as part of a broader effort to align with Indian regulatory frameworks ahead of the public offering.

Regulatory filings for FY24 indicate the company posted an operating revenue of INR 1,743 crore, with a pre-tax loss of INR 339 crore. The company has been working toward a listing over several quarters, having initially pursued a U.S. IPO in 2022 by confidentially filing with the Securities and Exchange Commission (SEC). That plan, which aimed to raise around $500 million, was later shelved.

The upcoming IPO puts Pine Labs in the company of other Indian fintechs moving toward public markets. Whether market sentiment will hold through the latter half of the year remains to be seen.