Pine Labs IPO is set to open for subscription on November 7, 2025, and will close on November 11, 2025. This is a Book Built Issue, through which the company aims to raise approximately ₹3,899.91 crores. The issue comprises a fresh issue of ₹2,080 crores and an offer for sale (OFS) of up to 82,348,779 equity shares with a face value of ₹1 each. The Pine Labs IPO price band is fixed between ₹210 to ₹221 per share. The IPO allocation includes 75% for QIB, 15% for HNI, and 10% for retail investors. The Pine Labs IPO listing date is scheduled for November 14, 2025, on both BSE and NSE, while the allotment date is November 12, 2025.
The company has showcased a significant improvement in its financial performance over the past year. For FY 2025, Pine Labs reported revenue of ₹2,327.09 crores, compared to ₹1,824.16 crores in FY 2024, marking strong year-on-year growth. The company has also managed to reduce its losses from ₹341.90 crores in 2024 to ₹145.49 crores in 2025, reflecting improved operational efficiency and profitability trends.
Considering its consistent revenue growth, strong market presence in the fintech sector, and efforts to achieve profitability, Pine Labs IPO appears to be a promising opportunity for investors. Market experts suggest that investors with a long-term investment horizon may find this IPO attractive due to the company’s improving fundamentals and growth potential in digital payment and merchant solutions.
Table of contents
- Pine Labs IPO Date & Price Band Details
- Pine Labs IPO Market Lot
- Pine Labs IPO Reservation
- Pine Labs IPO Anchor Investors
- Pine Labs IPO Allotment & Listing Dates
- Pine Labs IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Pine Labs IPO
- Pine Labs IPO Company Financial Report
- Pine Labs IPO Valuation – FY2025
- Pine Labs IPO Peer Group Comparison
- Pine Labs Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- Pine Labs IPO Registrar
- Pine Labs Company Address
- FAQs about Pine Labs IPO
Pine Labs IPO Date & Price Band Details
Pine Labs IPO will open on November 7, 2025, and close on November 11, 2025. It’s a Book Built Issue with an issue size of ₹3,899.91 crores, including a fresh issue of ₹2,080 crores and an OFS of 8.23 crore shares. The price band is ₹210–₹221, listing on BSE & NSE.
| IPO Details | Details |
|---|---|
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹210 to ₹221 Per Share |
| Issue Size: | Approx ₹3,899.91 Crores |
| Fresh Issue: | Approx ₹2,080 Crores |
| Offer for Sale: | Approx 8,23,48,779 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Pine Labs IPO Market Lot
Pine Labs IPO lot size is 67 shares per lot with a minimum investment of ₹14,807 for retail investors. The retail maximum is 13 lots (₹1,92,491), while S-HNI can apply for 14 lots (₹2,07,298) and B-HNI for 68 lots (₹10,06,876).
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 67 | ₹14,807 |
| Retail Maximum | 13 | 871 | ₹1,92,491 |
| S-HNI Minimum | 14 | 938 | ₹2,07,298 |
| B-HNI Minimum | 68 | 4,556 | ₹10,06,876 |
The Pine Labs IPO Date, Price, Lot Size, Subscription Details IPO Subscription Status will be updated after the bidding process begins on Nov 7, 2025.
Pine Labs IPO Reservation
Pine Labs IPO share allocation includes 75% for QIBs, 15% for Non-Institutional Investors (NII), and 10% for Retail Investors. The anchor investor portion will be finalized before the IPO opens. This structure ensures balanced participation from all investor categories in the Pine Labs IPO.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Pine Labs IPO Anchor Investors
Pine Labs IPO Anchor Bidding Date is November 6, 2025, with details available in the Anchor Investors List PDF. The anchor portion includes [.] shares worth [.] crores. The lock-in period ends on December 12, 2025 (50%) and February 10, 2026 (remaining 50%).
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 6, 2025 |
| Anchor Investors List | Click Here |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 12, 2025 |
| lock-in period end date 50% shares (90 Days) | February 10, 2026 |
Pine Labs IPO Allotment & Listing Dates
Pine Labs IPO will open on November 7, 2025, and close on November 11, 2025, with a bidding cut-off time of 5 PM. The basis of allotment is on November 12, refunds and Demat credit on November 13, and the IPO listing date is November 14, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Basis of Allotment: | November 12, 2025 |
| Refunds: | November 13, 2025 |
| Credit to Demat Account: | November 13, 2025 |
| IPO Listing Date: | November 14, 2025 |
| IPO Bidding Cut-off Time: | November 11, 2025 – 5 PM |
Pine Labs IPO: Promoters and Holding Pattern
Pine Labs IPO has no identifiable promoter, making it a professionally managed company. The promoter holding pre-issue stands at 1,05,41,46,853 shares, while the post-issue holding increases to 1,14,82,64,500 shares. This structure highlights Pine Labs’ strong institutional backing and diversified ownership ahead of its IPO listing.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,05,41,46,853 | -% |
| Promoter Holding Post Issue | 1,14,82,64,500 | -% |
Objects of the Issue & Utilisation of proceeds – Pine Labs IPO
Pine Labs IPO proceeds will be utilized for repayment of borrowings worth ₹870 crores, investment in subsidiaries like Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE (₹60 crores), along with ₹760 crores for IT assets, cloud infrastructure, and technology development, plus general corporate purposes.
| Purpose | Crores |
|---|---|
| Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | ₹870 |
| Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | ₹60 |
| Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | ₹760 |
| General corporate purposes and unidentified inorganic acquisitions | – |
Pine Labs IPO Company Financial Report
Pine Labs financial performance shows steady growth with revenue rising to ₹2,327.09 crores in 2025 from ₹1,824.16 crores in 2024. The company reduced its loss to ₹145.49 crores in 2025, improving from ₹341.90 crores in 2024. Total assets also increased to ₹10,715.74 crores, reflecting strong financial stability.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹1,690.44 | ₹1,032.43 | ₹265.15 | ₹9,363.21 |
| 2024 | ₹1,824.16 | ₹1,402.39 | ₹341.90 | ₹9,648.56 |
| 2025 | ₹2,327.09 | ₹1,622.80 | ₹145.49 | ₹10,715.74 |
| June 2025 | ₹653.08 | ₹1,238.41 | ₹4.79 | ₹10,904.32 |
Pine Labs IPO Valuation – FY2025
Pine Labs IPO key financial ratios show a Return on Net Worth (RoNW) of (4.15%) and a Net Asset Value (NAV) of ₹22.43. The Earnings Per Share (EPS) stands at ₹(1.45), while the P/E ratio is not applicable, reflecting a focus on long-term financial recovery.
| KPI | Values |
|---|---|
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(1.45) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (4.15)% |
| Net Asset Value (NAV): | ₹(22.43) |
Pine Labs IPO Peer Group Comparison
In the Pine Labs IPO peer comparison, One97 Communications (Paytm) reported an EPS of (₹10.35) and RoNW of (4.69%), while Zaggle Prepaid Ocean Services showed stronger metrics with an EPS of ₹6.99, PE ratio of 48.87, and RoNW of 9.64%, indicating better profitability.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| One97 Communications Limited | (10.35) | (110.98) | (4.69) | 235.54 | 6,900.40 Cr. |
| Zaggle Prepaid Ocean Services Limited | 6.99 | 48.87 | 9.64 | 99.25 | 1,303.76 Cr. |
Pine Labs Company Overview, Key Points, Strengths, and Risks
| Feature | Description |
|---|---|
| Business | Pine Labs is a leading merchant commerce and payments platform that provides an integrated suite of digital payment and issuing solutions across India, Southeast Asia, and the Middle East. |
| Core Services | 1. Payment Acceptance: Provides Point-of-Sale (PoS) systems and software for in-store and online payments (including credit/debit cards, UPI, etc.). 2. Affordability Solutions: Dominant provider of EMI (Equated Monthly Installment) and ‘Buy Now, Pay Later’ (BNPL) options at the merchant checkout. 3. Issuing Business: Runs India’s largest gift, loyalty, and store credit card business (Qwikcilver). |
| Key Metric (FY25) | Processed ₹11.42 lakh crore in Gross Transaction Value (GTV) and served nearly 1 million merchants and 177 financial institutions. |
| Business Model | Operates a “tollbooth” model, charging a Software-as-a-Service (SaaS) fee to merchants, banks/financial institutions, and consumer brands for their platform and value-added services, rather than solely relying on the Merchant Discount Rate (MDR). |
| Financial Status | Has demonstrated strong revenue growth in recent years but has historically been loss-making due to high investment in expansion, technology, and acquisitions. Recent reports suggest a shift toward improving EBITDA margins and achieving net profitability in recent quarters. |
Key Strengths of Pine Labs
| Strength | Detail |
|---|---|
| Market Leadership & Ecosystem | Enjoys a dominant position in merchant payment technology with a large and entrenched merchant footprint. The integrated platform (hardware, software, lending, loyalty) creates strong network effects. |
| Diversified Revenue Streams | Generates revenue from multiple sources (merchants, banks, brands) across its core payment, affordability (EMI/BNPL), and issuing (gift cards/loyalty) businesses, reducing reliance on a single fee stream like MDR. |
| Affordability Solutions Dominance | A leading provider of instant EMI and BNPL at the PoS, a high-margin value-added service that drives sales for merchants and provides a key competitive edge. |
| Technological Edge | Focuses on a tech-driven, cloud-based platform and omnichannel solutions, enabling high scalability and robust operational efficiency (e.g., high platform uptime). |
| Strong Institutional Backing | Backed by reputable global investors like Peak XV Partners, PayPal, and Mastercard, which provides financial strength and strategic partnerships. |
| International Footprint | Growing presence in Southeast Asia (e.g., Fave acquisition) and the Middle East, offering geographical diversification and expanding the total addressable market. |
Key Risks and Challenges
| Risk | Detail |
|---|---|
| Profitability Uncertainty | Despite revenue growth and improving margins, the historical trend of net losses raises concerns about the path to sustained, long-term profitability, given ongoing high operating and expansion costs. |
| Intense Competition | Faces aggressive competition from a crowded field of fintech giants like Razorpay, Paytm, PhonePe, and BharatPe, as well as traditional banks, all vying for the same merchant ecosystem. |
| Evolving Regulatory Environment | The fintech and digital payments sector is subject to frequent and evolving regulatory guidelines (especially from the RBI in India), which can impact business models, increase compliance costs, and constrain growth. |
| High Valuation Expectations | As a highly-valued, venture-backed company, it must deliver on very high growth expectations. Any slowdown in transaction volumes or merchant acquisition could lead to a re-rating risk (a reduction in valuation). |
| Operational & Cybersecurity Risks | The nature of payment processing involves exposure to risks like fraud, chargebacks, and system downtime, requiring continuous and significant investment in cybersecurity and platform reliability. |
IPO Lead Managers aka Merchant Bankers
- Axis Capital Limited
- Morgan Stanley India Company Pvt Ltd
- Citigroup Global Markets India Private Limited
- J.P. Morgan India Private Limited
- Jefferies India Private Limited
Pine Labs IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/
Pine Labs Company Address
Pine Labs Limited
Unit No. 408,
4th Floor, Time Tower,
MG Road, DLF QE
Gurgaon, Haryana, 122002
Phone: +91 22 6986 3600
Email: cosecy@pinelabs.com
Website: http://www.pinelabs.com/
FAQs about Pine Labs IPO
The price band for the Pine Labs IPO is fixed between ₹210 and ₹221 per equity share.
The IPO opens for subscription on November 7, 2025, and closes on November 11, 2025.
The minimum investment for a retail investor is ₹14,807, corresponding to 1 lot of 67 shares at the upper price band of ₹221.
The total issue size is approximately ₹3,899.91 crores, which includes a Fresh Issue of ₹2,080 crores and an Offer For Sale (OFS).
The Pine Labs IPO is scheduled to list on November 14, 2025, on both the BSE and NSE.
The proceeds from the Fresh Issue (₹2,080 crores) will primarily be used for repaying certain borrowings (₹870 crores) and investing in IT assets, cloud infrastructure, and technology development (₹760 crores).
Historically, Pine Labs has been loss-making due to high expansion costs. However, it significantly reduced its net loss from ₹341.90 crores in FY 2024 to ₹145.49 crores in FY 2025, showing an improved trend toward profitability.
The core segments are Payment Acceptance (PoS/online), Affordability Solutions (EMI/BNPL), and the Issuing Business (gift/loyalty cards via Qwikcilver).
Pine Labs is primarily governed by the guidelines and regulations set by the Reserve Bank of India (RBI), as well as SEBI for the IPO process.
KFin Technologies Limited is the registrar, and the lead managers include Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
