Peak XV Partners is set to make a stellar 40x return on its early investment in Pine Labs, as the fintech unicorn gears up for its initial public offering (IPO) priced between ₹210 and ₹221 per share. The venture capital firm holds a 20.25% stake in the company, acquired at an average cost of ₹5.60 per share, and plans to sell up to 23 million shares. At the upper price band, the sale could fetch ₹508 crore for Peak XV.
Returns for other investors are expected to be more modest. Madison India Capital is set for 5.6x returns (around ₹66 crore), while Sofina Ventures could see 4.7x returns, netting approximately ₹44 crore.
Among larger institutional backers, Actis may earn a 3x return worth about ₹194 crore, PayPal could gain 2.8x returns (nearly ₹150 crore), and Macritchie Investments—a Temasek subsidiary—may record 2.9x returns (around ₹193 crore).
In contrast, Lone Pine Capital’s Lone Cascade fund is likely to see a modest 1.2x return (₹53 crore), while Mastercard is expected to make 1.7x returns (₹130 crore).
However, Invesco may emerge as the only major investor facing a loss, as the IPO’s upper price band is below its weighted average acquisition cost of ₹243.89 per share. Peak XV’s exit value per share, in comparison, is nearly 43.5 times higher than Invesco’s entry cost.
Among the company’s founders, Lokvir Kapoor, who holds a 1.96% stake, plans to offload 2.2 million shares, potentially earning ₹49 crore from the sale.
The IPO marks a significant milestone for Pine Labs, reflecting strong investor confidence in India’s fast-growing fintech ecosystem.
