Introduction – Pine Labs IPO
From a single swipe machine to powering millions of digital transactions — Pine Labs has come a long way.
The Pine Labs IPO is one of the most awaited fintech listings of 2025. With its strong presence in merchant commerce, digital payments, and financing, the company has built a powerful ecosystem connecting merchants, consumers, and financial institutions across India and Asia.
Now, with the ₹3,899.91 crore Pine Labs IPO, the company is entering the public market — a move that could reshape India’s fintech landscape once again. The offering combines both a fresh issue and an offer for sale (OFS), giving investors a chance to be part of one of India’s most trusted digital payment brands.
Let’s break down everything you need to know about the Pine Labs IPO — from issue structure and key dates to financials, valuation, and expected listing performance.
Pine Labs IPO Overview
Pine Labs IPO Details
The Pine Labs IPO is a Book-Built Issue worth ₹3,899.91 crores, consisting of both fresh issue shares and an offer for sale by existing shareholders. The issue opens on November 7, 2025, and closes on November 11, 2025.
The IPO price band has been fixed at ₹210 to ₹221 per share, with a lot size of 67 shares. Retail investors can apply with a minimum investment of ₹14,807 (based on the upper price band).
Below is a detailed look at the Pine Labs IPO structure–
| Particulars | Details |
|---|---|
| IPO Opening Date | November 7, 2025 |
| IPO Closing Date | November 11, 2025 |
| Issue Type | Book Building IPO |
| Face Value | ₹1 per share |
| Price Band | ₹210 to ₹221 per share |
| Lot Size | 67 Shares |
| Total Issue Size | 17,64,66,426 shares (aggregating up to ₹3,899.91 Cr) |
| Fresh Issue | 9,41,17,647 shares (₹2,080.00 Cr) |
| Offer for Sale | 8,23,48,779 shares (₹1,819.91 Cr) |
| Employee Discount | ₹21 per share |
| Listing Exchanges | BSE, NSE |
| Lead Manager | Axis Capital Ltd. |
| Registrar | KFin Technologies Ltd. |
| Shareholding (Pre-Issue) | 1,05,41,46,853 shares |
| Shareholding (Post-Issue) | 1,14,82,64,500 shares |
🔗 Refer to the Pine Labs IPO RHP (Official Source) for complete details.
Pine Labs IPO Timeline (Tentative Schedule)
The IPO process for Pine Labs Ltd. follows the standard book-building timeline. Below are the key dates investors should keep an eye on:
| Event | Date (Tentative) |
|---|---|
| IPO Open Date | Friday, November 7, 2025 |
| IPO Close Date | Tuesday, November 11, 2025 |
| Allotment Finalization | Wednesday, November 12, 2025 |
| Initiation of Refunds | Thursday, November 13, 2025 |
| Credit of Shares to Demat | Thursday, November 13, 2025 |
| Listing Date | Friday, November 14, 2025 |
| Cut-off Time for UPI Confirmation | 5 PM, Tuesday, November 11, 2025 |
💡 You can check your allotment status here: KFinTech IPO Allotment Link
Use of IPO Proceeds – Pine Labs IPO
The company plans to utilize the net proceeds from the fresh issue for several strategic initiatives. Here’s a breakdown of how the funds will be used:
- Repayment / Prepayment of Borrowings – ₹532 crore
- Investment in Subsidiaries (Qwikcilver Singapore, Pine Payment Solutions Malaysia, Pine Labs UAE) – ₹60 crore
- Investment in IT & Technology Development (cloud infrastructure, tech assets, and procurement of DCPs) – ₹760 crore
- General Corporate Purposes and potential inorganic acquisitions
In simple terms, the company is using this IPO to strengthen its balance sheet, expand internationally, and boost its technology stack — all of which are key for long-term growth.
Company Overview – Pine Labs Ltd.
Founded in 1998, Pine Labs Ltd. has evolved from a simple card-based payment solutions company into one of India’s leading fintech and merchant commerce platforms. Today, it empowers merchants, consumer brands, enterprises, and financial institutions through innovative digital payment and issuing solutions.
The company’s mission is clear — digitize commerce by simplifying how businesses accept payments, manage transactions, and engage with customers in both offline and online ecosystems.
Global Presence
While India remains its core market, Pine Labs has successfully expanded across Malaysia, UAE, Singapore, Australia, the U.S., and Africa, serving a rapidly growing international base.
Ecosystem Powerhouse
Its robust Digital Infrastructure and Transaction Platform enables merchants to handle multiple payment types — from cards and UPI to wallets and BNPL — and integrate loyalty, EMI, and rewards features directly into the checkout process.
In addition, its Issuing and Acquiring Platform provides prepaid card solutions, cashback systems, digital gift cards, and employee incentive programs for major brands and financial institutions.
As of June 30, 2025, Pine Labs’ ecosystem included:
- 9.88 lakh merchants
- 716 consumer brands and enterprises
- 177 financial institutions
- ₹11.42 lakh crore in Gross Transaction Value (GTV) processed in FY25
- 5.68 billion transactions completed through its platforms
Strategic Acquisitions
To build an integrated fintech ecosystem, Pine Labs has made several smart acquisitions:
- Qwikcilver (2019): Strengthened prepaid and gift card offerings.
- Mosambee (2022): Expanded reach among small and medium merchants.
- QFix (2022): Added workflow management tools for digitizing SMEs.
- Setu (2022): Enhanced API-led infrastructure for payments, data, and identity.
- Credit+ (2023): Bolstered issuing and transaction processing for banks.
Each acquisition strategically added new layers of capability, making Pine Labs a comprehensive one-stop fintech solution provider for the evolving digital economy.
Financial Performance – Pine Labs IPO
Pine Labs has shown strong growth in recent years, backed by rising digital transaction volumes, expanding merchant base, and increasing adoption of BNPL and gift card services.
Between FY2024 and FY2025,
- Revenue jumped by 28.5%
- PAT (Profit After Tax) improved by 57%, turning positive for the quarter ended June 2025
- Adjusted EBITDA Margin rose to 15.68%, showing improving profitability and cost control
Key Financial Summary (₹ in Crores)
| Particulars | FY23 | FY24 | FY25 | Q1 FY26 (Jun 2025) |
|---|---|---|---|---|
| Total Assets | 9,363.21 | 9,648.56 | 10,715.74 | 10,904.32 |
| Revenue from Operations | 1,690.44 | 1,824.16 | 2,327.09 | 653.08 |
| Profit After Tax (PAT) | -265.15 | -341.90 | -145.49 | 4.79 |
| EBITDA | 196.80 | 158.20 | 356.72 | 120.56 |
| Net Worth | -1,764.77 | -2,035.24 | -2,244.27 | 2,327.55 |
| Borrowings | 329.51 | 532.92 | 829.49 | 888.74 |
Despite previous losses, Pine Labs’ FY26 Q1 results indicate a turnaround, with profits returning after years of negative earnings, supported by higher digital payment activity and better cost management.
Key Financial Ratios – Pine Labs IPO
| Metric | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| RoNW | — | — | -4.15% | Improving |
| EBITDA Margin | 12.32% | 8.94% | 15.68% | 19.57% |
| Contribution Margin | 80.18% | 78.29% | 76.02% | 77.90% |
| GTV (₹ Billion) | 4,397.27 | 6,084.36 | 11,424.97 | 4,056.22 |
| Transactions (in Billion) | 2.57 | 3.44 | 5.68 | 1.75 |
Takeaway:
Pine Labs’ improving EBITDA margin and return to profitability in early FY26 underscore its scalable business model and expanding international revenue contribution (15.3%).
Valuation & Peer Comparison – Pine Labs IPO
The Pine Labs IPO has attracted significant market attention, not just because of its fintech scale but also because it comes at a time when the market is cautiously optimistic about new-age digital players.
The company’s post-issue valuation will be closely watched, given its improving profitability trajectory, expanding global footprint, and strong brand partnerships with banks and consumer brands.
Pine Labs IPO Valuation
Pine Labs is offering 17.64 crore shares through a combination of fresh issue and offer for sale, at a price band of ₹210 – ₹221 per share.
At the upper price band, the company’s valuation works out as follows:
| Parameter | Details |
|---|---|
| Post-Issue Shares Outstanding | 1,14,82,64,500 shares |
| Implied Market Capitalization | ₹25,382 – ₹25,400 crore (approx.) |
| Pre-IPO EPS (FY25) | -₹1.38 |
| Post-IPO EPS (annualized FY26) | Positive (early turnaround) |
| P/E Ratio | NA (loss-making basis, but improving) |
| Industry P/E (Digital Payments/Fintech) | ~45x – 70x |
Though Pine Labs IPO may not show a conventional P/E-based valuation due to historical losses, its high-margin platform model, rapid recovery in FY26, and growing GTV indicate long-term value creation potential.
Pine Labs IPO Peer Comparison
The fintech and payments sector is highly competitive, with players ranging from digital-first startups to global payment processors.
Here’s how Pine Labs stacks up against its peers as per FY25 financials:
| Company Name | EPS (₹) | NAV (₹) | P/E (x) | RoNW (%) | Nature |
|---|---|---|---|---|---|
| Pine Labs Ltd. | -1.45 | -22.43 | — | -4.15 | Digital payments & merchant commerce |
| One97 Communications (Paytm) | -10.35 | 235.54 | -110.98 | -4.69 | Payments, financial services |
| Zaggle Prepaid Ocean Services | 6.99 | 99.25 | 48.87 | 9.64 | Prepaid & corporate expense management |
| Adyen N.V. | 3,058.07 | 13,987.40 | 46.23 | 25.06 | Global merchant acquiring |
| Shopify Inc. | 133.45 | 761.60 | 96.50 | 19.58 | E-commerce infrastructure |
| Block Inc. (Square) | 399.50 | 2,925.70 | 16.10 | 14.51 | POS & digital wallets |
| Marqeta Inc. | 4.25 | 180.20 | 101.20 | 2.34 | Card issuing & API platform |
- Pine Labs’ operational metrics such as GTV and transaction growth outperform most Indian peers.
- Compared globally, its valuation multiples remain moderate, providing scope for re-rating if profitability sustains.
- Its unique hybrid model (merchant + issuing + fintech infrastructure) differentiates it from pure payment gateways like Paytm or Marqeta.
The Pine Labs IPO sits at the intersection of India’s digital commerce boom and fintech evolution — a space that rewards long-term investors more than short-term traders.
Strengths & Risks – Pine Labs IPO
Every IPO has its strengths and challenges, and Pine Labs IPO is no exception.
While the company enjoys a strong position in the digital payments and fintech ecosystem, investors should also note key risk factors related to profitability, competition, and regulation.
Here’s a concise side-by-side view of both:
| Strengths | Risks / Concerns |
|---|---|
| 1. Market Leadership in Merchant Commerce – Pine Labs is one of India’s largest merchant commerce and POS fintech platforms, processing ₹11.4 lakh crore in GTV in FY25. | 1. Continued Profitability Challenge – Despite revenue growth, consistent profitability is recent and still dependent on scaling and cost control. |
| 2. Diversified Business Model – Operates across in-store payments, online payments, BNPL, gift cards, loyalty programs, and merchant financing. | 2. Competitive Market Landscape – Faces intense competition from Paytm, Razorpay, BharatPe, PhonePe, and global players like Adyen and Stripe. |
| 3. Strong Ecosystem Integration – Deep partnerships with 177 financial institutions and 700+ consumer brands create high entry barriers. | 3. Regulatory and Compliance Risk – Fintech space is closely monitored by RBI and other regulators, which can affect operations and product launches. |
| 4. Global Expansion Opportunities – Presence in markets like Singapore, UAE, Malaysia, and Australia adds international growth potential. | 4. Dependence on Partner Institutions – Relies on banks and NBFCs for credit disbursal and merchant financing, exposing it to third-party risks. |
| 5. Cloud-Native and Scalable Technology – Built on a robust and secure digital infrastructure enabling high-volume, low-latency transactions. | 5. Currency and Geopolitical Exposure – With international operations, FX fluctuations and regional market instability can impact performance. |
| 6. Experienced Management Team – Leadership has deep domain expertise across payments, technology, and retail ecosystems. | 6. Valuation Sensitivity – Given its fintech nature and loss-making peers, valuation expectations may be volatile in secondary markets. |
Pine Labs IPO is positioned as a scalable digital commerce enabler with strong brand recall, but investors should keep an eye on profit consistency and market competition in the coming quarters.
Grey Market Premium (GMP) & Listing Sentiment – Pine Labs IPO
As the Pine Labs IPO date approaches, market buzz around its Grey Market Premium (GMP) has started picking up. GMP gives early hints about investor sentiment and potential listing performance — though it’s unofficial and subject to change rapidly.
Pine Labs IPO GMP Update
As of November 3, 2025, the Pine Labs IPO GMP stood at ₹35 per share, showing a 15.84% premium over the upper price band of ₹221. However, today’s market trend shows the GMP has slightly moved down, reflecting cautious optimism in the unlisted market.
Here’s a snapshot-
| Date | IPO Price (₹) | GMP (₹) | Trend | Estimated Listing Price (₹) | Estimated Profit (%) | Sub2 Sauda Rate |
|---|---|---|---|---|---|---|
| Nov 3, 2025 | 221.00 | ₹35 | 📉 Down | ₹256 | 15.84% | ₹1800 / ₹25,200 |
The moderate GMP suggests that while investors are positive about Pine Labs IPO, they are also cautious given the company’s valuation and competitive fintech environment. A ₹35 GMP signals a healthy debut but not an overheated one, which can be a sign of sustainable post-listing performance.
Note: Grey Market Premiums are purely indicative and not a reliable basis for investment. Always rely on fundamentals and the Red Herring Prospectus (RHP) before making any investment decisions.
Listing Day Expectations
Based on current subscription trends, institutional interest, and GMP activity, Pine Labs IPO could see a listing premium in the range of 10%–18% if overall market sentiment remains steady.
Here’s what might influence the listing outcome:
- Positive Factors: Strong brand, large merchant network, and growth in digital payments.
- Watchpoints: Competitive intensity and profitability track record.
- Expected Listing Date: November 14, 2025 (Friday) on BSE and NSE.
If market sentiment remains supportive, Pine Labs may see listing prices in the ₹250–₹260 range, rewarding long-term investors who believe in India’s fintech growth story.
🔗 Quick Links:
- 💼 Pine Labs IPO Allotment Status
- 📘 Pine Labs IPO RHP (Official PDF)
- 📰 More IPOs & GMP Updates: OneDemat IPO Section
Final Verdict – Should You Apply for the Pine Labs IPO?
The Pine Labs IPO is one of the most talked-about fintech offerings in 2025 — and for good reason.
It represents a profitable, established digital payments leader that has built a strong ecosystem around merchants, banks, and consumers alike.
However, like every IPO, it has two sides — promising growth potential and valuation-linked risks.
Why You Might Consider Investing
- Strong fintech backbone: Pine Labs plays a key role in India’s booming merchant payment infrastructure.
- Diversified revenue model: Presence across POS, BNPL, loyalty, and financing services adds stability.
- Global expansion: Steady growth in Southeast Asia and the Middle East opens new long-term opportunities.
- Improving financial performance: The company has been narrowing losses and moving toward sustained profitability.
What to Watch Before Investing
- Valuation concerns: The IPO is priced aggressively compared to peers like Paytm or Razorpay.
- Competitive risks: The digital payments space is highly crowded and innovation-driven.
- Dependence on ecosystem partners: Heavy reliance on banks and NBFCs for certain offerings could limit control.
Pine Labs IPO looks like a “steady growth play” rather than a short-term listing bet.
Investors with a medium-to-long-term view (2–3 years) and confidence in India’s fintech evolution can consider subscribing.
Those seeking only listing gains may want to monitor GMP trends and subscription data before taking a call.
Final Rating
| Category | Verdict |
|---|---|
| Business Model | ★★★★☆ (Strong & Scalable) |
| Financial Health | ★★★☆☆ (Improving, not perfect) |
| Valuation | ★★★☆☆ (Slightly high) |
| Long-Term Potential | ★★★★☆ |
| Listing Gain Potential | ★★★☆☆ |
⭐ Verdict: Apply with a long-term view (Moderate Risk – Growth Opportunity)
Pine Labs IPO – Quick FAQs
1. What does Pine Labs do?
Pine Labs is a technology-led merchant commerce platform that provides in-store and online payment solutions, issuer and prepaid card services, BNPL/affordability, merchant financing and value-added services to merchants, brands and financial institutions.
2. When does the Pine Labs IPO open and close?
The IPO opens on November 7, 2025 and closes on November 11, 2025.
3. What is the issue size and type?
The Pine Labs IPO is a book-built issue aggregating up to ₹3,899.91 crore, comprising a fresh issue of 9.41 crore shares (≈₹2,080.00 crore) and an offer for sale (OFS) of 8.23 crore shares (≈₹1,819.91 crore).
4. What is the price band and lot size?
Price band: ₹210 to ₹221 per share.
Lot size: 67 shares. Minimum retail investment at upper band: ₹14,807 (67 × ₹221).
5. What are the key timeline dates?
Open: Nov 7, 2025 | Close: Nov 11, 2025 | Tentative allotment: Nov 12, 2025 | Refunds / Demat credit: Nov 13, 2025 | Tentative listing: Nov 14, 2025.
6. Who are the bankers and registrar?
Book running lead manager: Axis Capital Ltd.
Registrar: KFin Technologies Ltd.
7. How is the issue reserved across investor categories?
Allocation highlights (as disclosed): QIBs — at least 75% of the Net Offer; Retail — not more than 10% of the Net Offer; NIIs — not more than 15% of the Net Offer. (Refer to RHP for full category rules and bidding limits.)
8. What will the company use the IPO proceeds for?
Major uses: repayment/prepayment of borrowings (~₹532 crore), investments in subsidiaries (~₹60 crore), technology and IT/cloud infrastructure (~₹760 crore), and general corporate purposes / possible acquisitions.
9. What’s the GMP and listing sentiment (latest reported)?
As of Nov 3, 2025 the reported Grey Market Premium (GMP) was ₹35 per share, implying an estimated listing price near ₹256 (≈16% over upper band). GMPs are unofficial and can change quickly.
10. Where can I find the official RHP and check allotment?
Official RHP: Pine Labs RHP PDF on the company site.
Allotment status: https://ipostatus.kfintech.com/
🔗 Quick Access:
- 📘 Pine Labs IPO RHP (Full Prospectus)
- 💬 All Upcoming IPOs & GMP Updates
- 📆 Listing Date: November 14, 2025 (Friday)
💥 Coming Soon: A detailed comparison blog — “Groww vs Pine Labs IPO: Which Fintech is Better for Investors?”