Pine Labs IPO
Bookbuilding IPO | ₹3,900.00 Cr | Listing at BSE, NSE
IPO Open
Fri, Nov 07, 2025
IPO Close
Tue, Nov 11, 2025
Price Band
₹210.00 to ₹221.00
Market Cap (Pre-IPO)
₹25,376.65 Cr
IPO Details
| IPO Date | Nov 07, 2025 to Nov 11, 2025 |
| Listing Date | Tentative: Nov 14, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹210.00 to ₹221.00 |
| Lot Size | 67 Shares (Minimum: ₹14,807.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,900.00 Crores |
| Total Shares Offered | 176,478,303 shares |
| Fresh Issue | 94,129,524 shares |
| Offer For Sale | 82,348,779 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 3.97x |
| NII | 0.30x |
| RII | 1.27x |
| Total | 2.48x |
Pine Labs IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 13,22,64,978 (74.95%) |
| Retail Shares Offered | 1,76,35,330 (9.99%) |
| NII Shares Offered | 2,64,52,995 (14.99%) |
Pine Labs IPO Lot Size
Investors can bid for a minimum of 67 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 67 | ₹14,807 |
| Retail (Max) | 13 | 871 | ₹192,491 |
| S-HNI (Min) | 14 | 938 | ₹207,298 |
| S-HNI (Max) | 67 | 4,489 | ₹992,069 |
| B-HNI (Min) | 68 | 4,556 | ₹1,006,876 |
Pine Labs Financial Information (Restated Consolidated)
Pine Labs Ltd.'s revenue increased by 28% and profit after tax (PAT) rose by 57% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 10,904.32 | 10,715.74 | 312,024.00 | 9,363.21 |
| Total Income | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| Profit After Tax | 4.79 | -145.49 | -341.90 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.20 | 196.80 |
| NET Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.00% |
| ROCE (Return on Capital Employed) | 0.00% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | -4.15% |
| PAT Margin (Profit After Tax Margin) | 0.00% |
| EBITDA Margin | 15.68% |
| Price to Book Value | -9.85 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.38 | 0.17 |
| P/E (x) | -160.13 | 1,325.57 |
| Promoter Holding | 0.00% | 0.00% |
Company Promoters
- The company does not have an identifiable promoter.
Company Overview
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes—from small retailers to large enterprises—with digital payment technologies and value-added services.
Key Offerings:
- Smart POS Devices – Accept multiple forms of payments including credit/debit cards, UPI, mobile wallets, and EMIs.
- Buy Now Pay Later (BNPL) – Offers instant EMI solutions at the point of sale for various consumer goods.
- Merchant Financing – Provides short-term working capital loans to merchants through partnerships with financial institutions.
- Loyalty and Gift Solutions – Enables brands to offer loyalty programs, digital gift cards, and promotional campaigns.
- E-commerce and Online Payment Tools – Offers APIs and payment gateway services to support digital stores and apps.
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It has served top consumer brands, including Amazon Pay, LG Electronics, Flipkart Internet Private Limited and Redington. Under the financial institutions, its key customer base includes HDFC Bank, Axis Bank and ICICI Bank.
Pine Labs has evolved from a card-based payment solution provider to a comprehensive fintech platform, playing a key role in India's shift to a cashless, digitally empowered retail economy.
Company Strengths
- Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions
- Full stack, cloud-based, scalable digital infrastructure and transaction platform
- Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
- Experienced, professional management team
Use of Proceeds
| 1) | Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | 532.00 |
| 2) | Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | 60.00 |
| 3) | Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | 760.00 |
| 4) | General corporate purposes and unidentified inorganic acquisitions | 626.33 |
Objectives
The Company Pine Labs IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Pine Labs IPO Peer Comparison
Pine Labs peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Pine Labs | -1.45 | -1.45 | -22.43 | 0.00 | 4.15 | 0.00 | Consolidated |
| One97 Communications (Paytm) | -10.35 | -10.35 | 235.54 | -110.98 | -4.69 | 0.00 | Consolidated |
| Zaggle Prepaid Ocean Services (Zaggle) | 6.99 | 6.96 | 99.25 | 48.87 | 9.64 | 0.00 | Consolidated |
| Adyen N.V. | 3,058.07 | 3,047.77 | 13,987.40 | 46.23 | 25.06 | 0.00 | Consolidated |
| Shopify Inc. | 133.45 | 131.75 | 761.60 | 96.50 | 19.58 | 0.00 | Consolidated |
| Block Inc. | 399.50 | 387.60 | 2,925.70 | 16.10 | 14.51 | 0.00 | - |
| Marqeta Inc. | 4.25 | 4.25 | 180.20 | 101.20 | 2.34 | 0.00 | - |
Quick Info
| Sector | Pine Labs |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹25,376.65 Cr |
Important Dates
| IPO Open | Nov 07, 2025 |
| IPO Close | Nov 11, 2025 |
| Allotment Date | Nov 12, 2025 |
| Credit to Demat | Nov 13, 2025 |
| Listing Date | Tentative: Nov 14, 2025 |
Lead Manager(s)
Axis Capital Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Pine Labs IPO is a book build issue of ₹3,900.17 crores. The issue is a combination of fresh issue of 9.41 crore shares aggregating to ₹2,080.26 crores and offer for sale of 8.23 crore shares aggregating to ₹1,819.91 crores.
- Pine Labs IPO bidding started from Nov 7, 2025 and ended on Nov 11, 2025. The allotment for Pine Labs IPO was finalized on Nov 12, 2025. The shares got listed on BSE, NSE on Nov 14, 2025.
- Pine Labs IPO price band is set at ₹221.00 per share . The lot size for an application is 67. The minimum amount of investment required by an retail is ₹14,807 (67 shares) (based on upper price). The lot size investment for sNII is 14 lots (938 shares), amounting to ₹2,07,298, and for bNII, it is 68 lots (4,556 shares), amounting to ₹10,06,876.
- The issue includes a reservation of up to 1,25,000 shares for employees offered at a discount of ₹21.00 to the issue price.