Pine Labs is once again in the news, this time due to its upcoming public issue. The company has accelerated preparations for an IPO of ₹2,600 crore, and it has also come to light that the company's top executives could make a substantial profit from this listing. Figures related to the top management's salary, bonuses, equity, and stock options have been made public in the Draft Red Herring Prospectus (DRHP) filed on June 26, 2025.
The report clarifies that after the listing, key officers of Pine Labs will not only profit from their shareholdings but also their net worth could see a significant increase in the future through previously granted stock options and proposed options.
CEO Amrish Rau's Income and Stake
The current gross annual salary of Amrish Rau, the Chief Executive Officer of Pine Labs, is ₹5.8 crore. This includes ₹3.8 crore in basic salary, a performance bonus of ₹1.9 crore, and a retirement contribution of ₹97 lakh. In addition, he also receives insurance, severance pay, leave benefits, and reimbursement for business expenses.
Amrish Rau currently holds approximately 1.77 crore shares of the company, which is about 2.35 percent of the total shareholding. According to the DRHP, he is going to sell about 32.06 lakh shares under the Offer for Sale (OFS) in the IPO. If the estimated valuation of Pine Labs remains between $4 to $5 billion, he could earn ₹800 to ₹1,000 crore from this sale alone.
ESOPs and Future Plans
Rau already has 72 lakh ESOPs (Employee Stock Options). In addition, the company has proposed to grant him 1.10 crore new stock options under the ESOP 2025 plan. Although, the DRHP states that he may receive 2.31 crore options after shareholder approval. This will further increase his wealth.
Furthermore, Rau has also indicated that he may sell another 18.15 lakh shares within three months of the IPO.
Chief Business Officer Kush Mehra's Stake
Kush Mehra, who is the Chief Business Officer of the company, is also likely to benefit greatly from this listing. His total annual salary is ₹3 crore, which includes ₹1 crore in basic salary, a housing allowance of ₹60 lakh, conveyance of ₹20 lakh, and a performance bonus of ₹1 crore. He owns 40.7 lakh shares of the company, which is 0.43 percent of the total shareholding.
Mehra is also planning to sell 4.45 lakh shares in the OFS. In addition, he will be granted 5.26 lakh stock options under the ESOP 2025 plan. Like Rau, he can also sell an additional 3 lakh shares within three months.
Details of Earnings of Other Top Officers
Information about the salaries and shareholdings of other high-ranking officers of Pine Labs has also been provided in the DRHP. These figures include estimated payments for the year 2025
Mark K. Mathenge (CFO): ₹3.69 crore
- Neerav Mehta (Company Secretary and Compliance Officer): ₹56.5 lakh
- Anand Rayasinghani (President of Setu and CBO): ₹1.57 crore
- Navin Chandani (CBO, Issuing Platform): ₹2.73 crore
- Sameer Maheshwari (Chief Capital Market Officer): ₹2.26 crore
- Sanjeev Kumar (CTO, Digital Infrastructure): ₹1.47 crore
- Sumit Chopra (COO, Digital Infrastructure): ₹2.12 crore
- Vijayalakshmi Swaminathan (Chief People Officer): ₹2.02 crore
It is noteworthy that most of these officers have also been granted ESOPs, the value of which could increase many times after the IPO. The DRHP presents a complete breakdown of income, including salary, bonus, gratuity, stock options, and other allowances.
Director Lokvir Kapoor's Situation
The DRHP does not provide information about the annual salary of Director Lokvir Kapoor, but it is mentioned that he owns 1.97 percent of the company. He is also one of the major shareholders participating in the OFS. The value of his stake could also potentially be in the hundreds of crores, especially if the company's valuation reaches $5 billion.
Bumper Profits Possible from ESOPs
Under the new ESOP 2025 plan created by the company, many officers will benefit from share options, which could prove to be like a bonus for them after the IPO. This plan is subject to shareholder approval, and under this, several officers, including Rau and Mehra, are to be granted millions of share options.
