The IPO of prominent fintech player Pine Labs is live and open for subscription until Tuesday. It is a combination of a fresh issue of shares worth ₹2,080 crore and an offer for sale (OFS) of ₹1,820 crore. The company is professionally run without promoter holding, and a clutch of investors, including those such as Peak XV Partners (Sequoia), Macritchie Investments (Temasek), PayPal and Mastercard, are set to offload a part of each of their stake in the OFS.

Pine Labs, founded in 1998, is a leading player in the digital payments space with a B2B business model. Its revenue model is dealt with in detail later. It operates in the lucrative, high growth fintech industry whose market size (by value of payments) is expected to double in the next four years from $1.4 trillion (₹117 lakh crore)

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