The Pine Labs IPO is one of the most awaited listings in India’s fintech space. The issue opens for subscription on November 7, 2025 and will close on November 11, 2025. The company is planning to raise around ₹3,899.91 crores through a combination of fresh issue and offer for sale. The IPO is a Book Build Issue and will be listed on both BSE and NSE.
For many retail investors, Pine Labs is a familiar name because of its wide presence in point-of-sale (POS) payments, merchant commerce, and Buy Now Pay Later solutions. This article covers everything you need to know from subscription dates, price band, and market lot to financial performance and valuation.
Contents
Key Pine Labs IPO Dates
The first details investors usually look for are the IPO timeline. Here is the full schedule:
| IPO 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 | November 13, 2025 |
| IPO Listing Date | November 14, 2025 |
| IPO Bidding Cut-off Time | November 11, 2025 – 5 PM |
Pine Labs IPO
Open: 7-11 Nov
Issue Size: ₹3899.91 Cr.
Objective: Pay back their loans, and expand their payment business overseas.
Exchange: NSE BSE
Pine Labs IPO Issue Size and Structure
The Pine Labs IPO aims to raise a total of ₹3,899.91 crores.
IPO Structure
| Component | Amount |
|---|---|
| Fresh Issue | ₹2,080 crores |
| Offer for Sale | 82,348,779 equity shares |
| Face Value | ₹1 per share |
| Issue Type | Book Built Issue |
| Listing | BSE & NSE |
The fresh issue will mainly be used for repayment of borrowings, technology investment, and global expansion. The offer for sale will provide an exit route to existing shareholders.
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Pine Labs IPO Price Details
| Detail | Value |
|---|---|
| Price Band | ₹210 – ₹221 |
| Face Value | ₹1 |
| Market Lot | 67 shares |
| Minimum Investment | ₹14,807 |
Pine Labs has set its IPO price band between ₹210 and ₹221 per share. This price range places the company within a competitive zone comparing other tech-enabled fintech players.
IPO Market Lot and Minimum Investment
Retail investors generally look at the minimum application amount before deciding. Pine Labs IPO follows a structured lot size approach.
Pine Labs IPO Market Lot
| Application Category | 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 |
IPO Reservation for Investors
| Category | Shares Offered | Percentage |
|---|---|---|
| QIB (Excluding Anchor) | 5,28,97,083 | 75% |
| NII (HNI) | 2,64,51,214 | 15% |
| Retail Investors | 1,76,34,143 | 10% |
| Anchor Investors | 7,93,58,986 | – |
The IPO reservation is divided according to SEBI regulations.
Pine Labs IPO Anchor Investors
| Detail | Value |
|---|---|
| Anchor Bidding Date | November 6, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 7,93,58,986 |
| Anchor Size | ₹1,753.83 crores |
| Lock-in End Date (50% – 30 Days) | December 12, 2025 |
| Lock-in End Date (50% – 90 Days) | February 10, 2026 |
Anchor bidding is scheduled a day before the IPO opens.
Download DRHP & RHP
DRHP Draft Prospectus: View PDF
RHP Draft Prospectus: View PDF
This is essential for investors who want to deep-dive into business risks, financials, and management insights.
About the Company: Pine Labs
Founded in 1998, Pine Labs is now one of the most diversified merchant commerce companies in India and beyond. The company started as a simple card-based payment provider but today offers a full fintech platform that includes:
• Smart POS terminals
• Buy Now Pay Later solutions
• Merchant financing
• Gift cards and loyalty programs
• Omnichannel payment tools
• E-commerce checkout infrastructure
Pine Labs serves over 915,731 merchants as of December 31, 2024. It has strong partnerships with leading brands like Amazon Pay, LG, Flipkart, and Redington. Major banks like HDFC Bank, ICICI Bank, and Axis Bank are also part of its payment ecosystem.
Over the years, Pine Labs has expanded outside India into markets like Singapore, Malaysia, and the UAE.
Objects of the Issue
The company plans to use the IPO proceeds for business expansion and corporate strengthening.
Utilization of Proceeds
| Purpose | Amount (₹ Crores) |
|---|---|
| Repayment / Prepayment of Borrowings | 870 |
| Investments in Subsidiaries for International Expansion | 60 |
| Investment in Technology, Cloud Infrastructure, and DCP Procurement | 760 |
| General Corporate Purposes | Undisclosed |
Pine Labs has no identifiable promoter, being a professionally managed company.
Shareholding Pattern
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding (Pre-Issue) | 1,05,41,46,853 | – |
| Promoter Holding (Post-Issue) | 1,14,82,64,500 | – |
Here is a direct look at the company’s financials across the last few years.
Pine Labs Financial Report (₹ in Crores)
| Period | 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 |
The company has shown strong revenue growth, but profitability remains inconsistent due to high technology and operational spending. However, loss has been narrowing compared to previous years.
Valuation Metrics
| Metric | Value |
|---|---|
| ROE | – |
| ROCE | – |
| EBITDA Margin | – |
| PAT Margin | – |
| Debt-to-Equity | – |
| EPS (Basic) | ₹(1.45) |
| P/E Ratio | N/A |
| Return on Net Worth (RoNW) | (4.15)% |
| Net Asset Value | ₹(22.43) |
Pine Labs operates in a high-growth fintech sector where valuations are often based on future potential rather than current profits.
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| One97 Communications (Paytm) | (10.35) | (110.98) | (4.69)% | 235.54 | 6,900.40 cr |
| Zaggle Prepaid Ocean | 6.99 | 48.87 | 9.64% | 99.25 | 1,303.76 cr |
Fintech remains competitive, and these comparisons help investors assess Pine Labs within the industry.
Even among peers, profitability varies widely depending on the business model.
IPO Lead Managers
• Axis Capital Limited
• Morgan Stanley India Company Pvt Ltd
• Citigroup Global Markets India Pvt Ltd
• J.P. Morgan India Pvt Ltd
• Jefferies India Pvt Ltd
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: www.pinelabs.com
IPO Registrar
KFin Technologies Limited
Phone: 040-67162222, 040-79611000
Email: einward.ris@kfintech.com
Website: ipostatus.kfintech.com
Frequently Asked Questions (FAQs)
What is Pine Labs IPO?
Pine Labs IPO is a mainboard public issue worth ₹3,899.91 crores, priced in the range of ₹210 to ₹221 per share. It will be listed on BSE and NSE.
When will the Pine Labs IPO open?
It opens on November 7, 2025 and closes on November 11, 2025.
What is the price band of Pine Labs IPO?
The price band is ₹210 to ₹221 per share.
How can investors apply for the IPO?
You can apply through ASBA via your bank or UPI through your broker. Offline forms can also be submitted.
What is the allotment date for Pine Labs IPO?
The allotment is scheduled for November 12, 2025.
What is the listing date?
The shares will list on November 14, 2025.
What is the minimum lot size?
The minimum lot consists of 67 shares.
Expert Comment
Pine Labs is entering the market at a time when digital payments and merchant commerce are expanding at a strong pace in India. The company has shown consistent revenue growth over the years, although profitability has fluctuated.
Investors who believe in India’s long-term fintech growth story may find Pine Labs suitable for a long-term investment approach rather than short-term gains. The business has diversified offerings, strong merchant connectivity, and global plans, which makes the IPO worth monitoring closely.
