Fintech platform Pine Labs has submitted a draft red herring prospectus to the Securities and Exchange Board of India, outlining plans to raise up to Rs 2,600 crore (about $304 million) through a fresh issue of shares. The filing also includes an offer for sale of as many as 147.8 million shares by early backers such as Peak XV Partners, PayPal, Mastercard, Temasek’s Macritchie Investments and other investors. According to the prospectus, Pine Labs will use the primary proceeds to repay debt and inject capital into overseas subsidiaries Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE. The company may trim the fresh issue size if it executes a pre-IPO placement of up to Rs 520 crore. Axis Capital, Morgan Stanley, Citi, J.P. Morgan and Jefferies are advising on the transaction, which seeks listings on both the BSE and NSE. The Noida-based firm, last valued at roughly $5 billion in 2022, recently shifted its domicile from Singapore to India after previously weighing a larger overseas float.