Pine Labs IPO will open for subscription on November 7, 2025, and close on November 11, 2025. Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point of sale (POS) solutions, payment processing, and merchant financing.
The company enables businesses of every size, from small retailers to large enterprises, to adopt digital payments and benefit from value-added services. So, let’s find out all the details of Pine Labs IPO, including issue size, proceeds usage, financials, peers, and risk factors.
Pine Labs IPO Date
The key pointers for Pine Labs IPO dates are:
- Bidding Opening Date: November 7, 2025
- Bidding Closing Date: November 11, 2025
- Allotment Date: November 12, 2025
- Initiation of Refunds (in case of less or no allotment): November 13, 2025
- Shares Credited to Your Demat Account: November 13, 2025
- IPO Listing Date: November 14, 2025
- Listing on Exchange: BSE and NSE
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- 20 Lac+ unique clients
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Pine Labs: IPO Issue Size
Pine Labs IPO valuation, as denoted by the market capitalisation, is targeted at ₹25,376 crores. Here are the essential details:
- Pine Labs IPO Price Band: ₹210 to ₹221 per share
- Lot Size: 67 Shares
- Total Issue Size and Amount: 17.65 crore shares (aggregating up to ₹3,899.91 crores)
- Fresh Issue Size and Amount: 9.41 crore shares (aggregating up to ₹2,080 crores)
- Offer for Sale and Amount: 8.23 crore shares of ₹1 (aggregating up to ₹1,819.91 crores)
Pine Labs IPO Proceeds Usage
The offer for sale amount of ₹1,819.91 crores (47% of the total IPO proceeds) will be passed on to the selling shareholders.
The company plans to deploy the fresh issue proceeds towards the following objectives:
- Upgrade technology: Allocate ₹760 crore for IT assets, cloud infrastructure, technology development, and procuring DCPs.
- Repay debt: Use ₹532 crore to repay or prepay some loans taken by the company and certain subsidiaries.
- Expand overseas: Invest ₹60 crore in Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to grow outside India.
- General needs and acquisitions: Use the remaining funds for general corporate purposes and potential future acquisitions.
Pine Labs IPO Reservations
Pine Labs IPO reservations to different investors are:
- For QIBs: At least 75% of the Net Offer
- For NIIs: Not more than 15% of the Net Offer
- For Retail Investors: Not more than 10% of the Net Offer
Pine Labs IPO Lot Size
Pine Labs IPO lot size is 67 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 67 | ₹14,807 |
| S-HNI (Min) | 14 | 938 | ₹2,07,298 |
| B-HNI (Min) | 68 | 4,556 | ₹10,06,876 |
The list of selling shareholders in Pine Labs IPO includes:
- Peak XV Partners Pine Investment Holdings
- Actis Pine Labs Investment Holdings Limited
- Macritchie Investments Pte. Ltd.
- PayPal Pte. Ltd.
- Mastercard Asia/Pacific Pte. Ltd.
- AIM Investment Funds (Invesco Investment Funds), on behalf of its series portfolio Invesco Developing Markets Fund
- Madison India Opportunities IV
- Lone Cascade, L.P.
- Lokvir Kapoor
- Sofina Ventures S.A.
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Pine Labs Limited: Company Overview
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that helps businesses of every size accept and manage digital payments. Its smart POS devices support cards, UPI, mobile wallets, and EMIs. It also enables Buy Now Pay Later at checkout, offers short-term working capital to merchants through partner lenders, and provides loyalty and digital gift solutions for brands.
For online commerce, Pine Labs supplies APIs and a payment gateway to power websites and apps. As of 30 June 2025, the company served 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions.
Its marquee clients include Amazon Pay, LG Electronics, Flipkart Internet Private Limited, and Redington, while key banking partners include HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs Limited: Financial Performance
Pine Labs Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Operating Revenue | 2,274 | 1,770 | 29% |
| Profit After Tax/ Loss | -145 | -342 | -57% |
| EBITDA | 357 | 158 | 125% |
| Net Worth | -2,244 | -2,035 | 10% |
| Total Borrowing | 829 | 533 | 56% |
| Assets | 10,716 | 9,649 | 11% |
- Operating Revenue: Pine Labs’ operating revenue rose 29% YoY to ₹2,274 crores in FY25, reflecting strong growth in transaction volumes and platform services.
- Profit After Tax (PAT): The company’s net loss narrowed to ₹145 crores in FY25 as compared to ₹342 crores in FY24, indicating potential for profitability.
- EBITDA: It rose by 125% YoY to ₹357 crores in FY25, supported by higher operating efficiency and revenue growth.
- Net Worth: Net worth remains negative at ₹2,244 crores in FY25 with a 10% increase from the previous year.
- Total Borrowing: Total borrowings increased 56% YoY to ₹829 crores in FY25, as the company leveraged debt to support expansion and working capital needs.
- Total Assets: Total assets grew 11% YoY to ₹10,716 crores in FY25, highlighting the company’s expanding scale and investments in technology infrastructure.
Pine Labs IPO Peer Comparison
Here is the peer comparison table for Pine Labs IPO with its listed peers:
| Company Name | EPS (Basic ₹) | P/E (x) | RoNW (%) | Contribution Margin (%) |
|---|---|---|---|---|
| Pine Labs | -1.45 | – | -4.15% | 77.90% |
| One97 Communications (Paytm) | -10.35 | -110.98 | -4.69% | 60.01% |
| Zaggle Prepaid Ocean Services (Zaggle) | 6.99 | 48.87 | 9.64% | 49.39% |
- Earnings Per Share (EPS): Pine Labs reported a negative EPS of ₹1.45 as it is still a loss-making company. However, Paytm also had a negative EPS, while Zaggle at a positive EPS of just ₹6.99.
- Price-to-Earnings (P/E) Ratio: Pine Labs does not have a P/E ratio due to negative earnings, similar to Paytm.
- Return on Net Worth (RoNW): Pine Labs’ RoNW also remained negative at 4.15%, but it is slightly better than Paytm’s negative RONW of 4.69%.
- Contribution Margin: Pine Labs led the group with a strong contribution margin of 77.90%. This is significantly higher than Zaggle’s 49.39% and Paytm’s 60.01%. This shows better unit-level profitability and operating leverage.
Pine Labs IPO Risk Factors
Pine Labs IPO GMP is ₹20 as of November 4, 2025 (at 16:57). It is expected to list at a 9.05% gain at a price of ₹241. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Pine Labs IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Regulatory and licensing: Fintech and payments are tightly regulated. Any change in RBI rules, data protection laws, or licensing terms could disrupt operations and raise compliance costs.
- Competition: The market is crowded with strong players. Pine Labs must keep innovating and investing to stay ahead.
- Operational: Tech failures, cyber attacks, outages, or platform glitches could interrupt services and harm the brand.
- Market and valuation: Market swings, investor sentiment, and broader economic conditions can affect the IPO outcome and the share price after listing.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
For all the insights on Pine Labs IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Pine Labs IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the important dates for the Pine Labs IPO?
Pine Labs IPO begins on 7 Nov 2025 and ends on 11 Nov 2025. Allotment will take place on 12 Nov, and refunds with demat credit are due on 13 Nov. A tentative listing on BSE and NSE is set for 14 Nov 2025.
2. What is the price band, lot size, and minimum retail investment?
The price band is ₹210 to ₹221 per share, and one lot is 67 shares. The retail investors need to make a minimum investment of ₹14,807.
3. How large is the issue, and how is it split?
The total issue is 17.65 crore shares worth ₹3,899.91 crores. This includes a fresh issue of 9.41 crore shares worth ₹2,080 crore, and the offer for sale is 8.23 crore shares worth ₹1,819.91 crores. There are reservations of at least 75% for QIB, up to 15% for NII, and up to 10% for retail.
4. How will Pine Labs use the IPO proceeds?
The fresh issue component of the Pine Labs IPO will be used for loan repayment, investment in overseas subsidiaries, improving IT infrastructure, and general corporate purposes.
References:
https://www.sebi.gov.in/filings/public-issues/nov-2025/pine-labs-ltd-rhp_97584.html
Author: All Content is verified by SMC Global Securities.
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- 20 Lac+ unique clients
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- Advance Technical Analysis
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