Indian payments platform Pine Labs has scaled back the size of its initial public offering, according to its latest filing with India’s market regulator as reported by Reuters.

The offer will open on 7 November and close on 11 November 2025.

Existing shareholders will now sell 82.3 million shares instead of the 147.8 million proposed in June, cutting the offer for sale by about 44 percent.

The company will also issue fewer new shares, targeting 20.8 billion rupees, down roughly 20 percent from 26 billion rupees earlier.

This translates to about US$236.6 million versus US$295.8 million previously planned.

Investors trimming their stakes include Peak XV Partners, PayPal and Mastercard, along with Actis and Singapore’s Temasek.

The filing does not state the reason for reducing the issue size.

Pine Labs had earlier sought a valuation of up to US$6 billion when it filed in June.

A separate Reuters report on the company’s price band of 210 to 221 rupees per share indicated the revised offering now values Pine Labs at up to 254 billion rupees (about US$2.9 billion).

Pine Labs provides merchants with point-of-sale and digital payment solutions and competes with Paytm and Walmart-owned PhonePe.

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