Private equity-supported Pine Labs, Hero Motors, and Orkla, the parent company of MTR, receive approval from SEBI for their Initial Public Offerings (IPOs)
In a significant development for the Indian startup ecosystem, fintech company Pine Labs has received approval for its initial public offering (IPO) from the Securities and Exchange Board of India (SEBI). This follows a series of approvals granted to several other companies, including Canara Robeco Asset Management, Emmvee Photovoltaic Power, Orkla India, Manipal Payment and Identity Solutions, and Hero Motors.
Pine Labs, backed by venture capital firm Peak XV Partners and private equity firm Madison India Capital, was last valued at $5 billion. The company, which counts Temasek, PayPal, Mastercard, Sofina, Lightspeed, Actis, BlackRock, Invesco, and Lone Pine Capital among its backers, is expected to raise funds through the sale of primary shares, aiming to raise Rs 2,600 crore ($295 million) in total.
Canara Robeco, a joint venture between state-owned Canara Bank and Netherlands-headquartered ORIX Corporation Europe, a unit of Japan's ORIX Corporation, is also set to sell 49.8 million shares via an offer for sale. The IPO involves an offer for sale by more than 20 institutional investors and nearly 150 individual shareholders. Canara Robeco, which manages over Rs 1 trillion, filed its draft papers in April.
Orkla India Ltd, the Indian arm of Norwegian company Orkla ASA, filed draft documents for an IPO in June 2025. The company, best known for MTR Foods and Eastern Condiments, is yet to disclose the details of the IPO.
Hero Motors, which manufactures EV components and transmission systems, is another company that has secured SEBI approval for its IPO. The company, backed by GEF Capital, had withdrawn its IPO application in October 2024 but has now been given the green light.
Manipal Payment and Identity Solutions, which filed its draft papers confidentially earlier this year, has also received SEBI's nod for the pre-filing. The company's IPO details are yet to be revealed.
According to a report in June, Peak XV may generate a multiple of at least 70x on its principal investment. Meanwhile, Madison India Capital, Sofina, Actis, and Temasek are expected to see multi-fold returns on their investments in Pine Labs. Lightspeed is likely to make modest gains in the IPO.
The IPO market in India has been witnessing a surge in recent times, with several companies looking to capitalise on the favourable market conditions. The approvals granted to these companies are a testament to the confidence of investors in the Indian startup ecosystem.
As these companies prepare to take the plunge into the public market, it will be interesting to see how their performances fare and the impact they will have on the overall market.
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