New Delhi, Sept. 15 -- Fintech company Pine Labs, backed by venture capital firm Peak XV Partners and private equity firm Madison India Capital, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).

The company, which filed its draft red herring prospectus (DRHP) in June, recently shifted its domicile back to India from Singapore. It is looking to raise Rs 2,600 crore ($295 million) through the sale of primary shares in the IPO.

The IPO involves an offer for sale by more than 20 institutional investors and nearly 150 individual shareholders.

The company was last valued at $5 billion, and counts Temasek, PayPal, Mastercard, Sofina, Lightspeed, Actis, BlackRock, Invesco, and Lone Pine Capital among its backers.

Peak XV may generate a multiple of at least 70x on its principal investment, as reported by VCCircle in June.

Madison India Capital, Sofina, Actis, and Temasek are also expected to see multi-fold returns on their investments. Lightspeed, however, is likely to make modest gains.

Apart from Pine Labs, five other companies have received SEBI's approval for IPOs. These include Canara Robeco Asset Management, Emmwee Photovoltaic Power, Orkla India, Manipal Payment and Identity Solutions, and Hero Motors.

Hero Motors, which manufactures EV components and transmission systems, is backed by GEF Capital. The company had withdrawn its IPO application in October 2024 but has now secured SEBI approval.

Orkla India Ltd, the Indian arm of Norwegian company Orkla ASA and the company behind MTR Foods and Eastern Condiments, filed draft documents for an IPO In June 2025.

Canara Robeco, which manages more than Rs 1 trillion, filed its draft papers in April. The firm is a joint venture between state-owned Canara Bank and Netherlands-headquartered ORIX Corporation Europe, a unit of Japan's ORIX Corporation. The two owners will sell 49.8 million shares via an offer for sale.

Manipal Payment and Identity Solutions, which filed its draft papers confidentially earlier this year, has also received SEBI's nod for the pre-filing.

Published by HT Digital Content Services with permission from VC Circle.