As fintech major Pine Labs gears up for its initial public offering (IPO), its Draft Red Herring Prospectus has highlighted its top executives’ pay and stock options, including those of chief executive officer (CEO) Amrish Rau.
Photograph: Courtesy, Pine Labs
Rau’s net worth is estimated at Rs 850 crore-1,000 crore following the IPO.
The company was valued at $5 billion when it last raised capital — in 2022.
Rau holds 2.35 per cent in the company, translating into 17.76 million shares, with him holding 24.96 million on a fully diluted basis.
He is also offloading up to 3.2 million equity shares in the offer for sale (OFS), according to the DRHP.
Previous grants enabled Rau to vest 7.19 million employee stock options (Esops).
He also received 23.17 million shares, subject to shareholders’ approval, between January and June this year.
Pine Labs has filed its DRHP with the Securities and Exchange Board of India (Sebi), with plans to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.82 million shares.
It may consider a pre-IPO placement of up to Rs 520 crore.
Rau’s annual pay stands at Rs 5.8 crore, which includes a basic salary of Rs 3.8 crore and Rs 1.9 crore as annual incentive.
During 2024-25, he received Rs 3.76 crore as CEO of Pine Labs Singapore. That includes a performance-linked bonus accrued for FY24 and paid in FY25.
Meanwhile, others in the company such as Kush Mehra, executive director, president and chief business officer (digital infrastructure and transaction platform), earns Rs 3 crore as gross annual salary.
Mehra holds 4.06 million shares and he is expected to offload 440,000 of those in the OFS.
Investors such as Peak XV Partners, Actis, Macritchie, PayPal, Mastercard, AIM Investment Funds, and Madison India Opportunities IV are expected to partially exit through the OFS.
Peak XV will pare its stake by selling the largest chunk — 39 million shares — in the OFS.
PayPal and Mastercard will sell 11.50 million and 10.04 million, respectively.
Key insights
- Rau holds 2.35% of Pine Labs
- Expected to offload up to 3.2 mn equity shares in OFS
- His annual pay cheque stands at Rs 5.8 crore
- Pine Labs plans to raise Rs 2,600 crore through a fresh issue
