Pine Labs, the Indian payments and merchant-services company, has cut the size of its upcoming initial public offering scheduled 7-11 November 2025. The firm will raise about ₹20.8 billion (≈ $236.7 million), down from its earlier target of ₹26 billion, as existing investors such as PayPal Holdings, Inc. and Mastercard Incorporated reduce their stake sales. The move comes amid a busy IPO pipeline in India, and ahead of public listing on major exchanges.