Pine Labs Ltd. is set to launch its Initial Public Offering (IPO) through the book-building route, with a total issue size of ₹3,899.91 crore. The offering comprises a fresh issue of 9.41 crore equity shares worth ₹2,080.00 crore and an offer for sale (OFS) of 8.23 crore shares aggregating to ₹1,819.91 crore.
The Pine Labs IPO will open for subscription on November 7, 2025, and close on November 11, 2025. The basis of allotment is expected to be finalized on November 12, 2025, while the company’s shares are proposed to be listed on both BSE and NSE with a tentative listing date of November 14, 2025.
The price band for the issue is set between ₹210 and ₹221 per share, with a lot of size of 67 shares per application. For retail investors, the minimum investment requirement stands at ₹14,807 (for one lot, based on the upper price band). Axis Capital Ltd, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited are the Book Running Lead Manager (BRLM) for the issue, while Kfin Technologies Ltd. will serve as the registrar.
Pine Labs IPO Objectives
Pine Labs will use the funds raised from the public issue for the following:
- Repayment / prepayment, in full or in part, of certain borrowings availed by the company and certain of its subsidiaries.
- Investment in subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding its presence outside India
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs
- General corporate purposes
About Pine Labs Limited
Established in 1998 and headquartered in Noida, Pine Labs is a leading Indian merchant commerce platform offering a comprehensive range of fintech solutions, including point-of-sale (POS) systems, payment processing, and merchant financing services. The company empowers businesses of all sizes—from small retailers to large enterprises—to embrace digital payments and enhance their customer engagement through innovative financial technologies.
Over the years, Pine Labs has evolved from a card-based payment solutions provider into a full-scale fintech ecosystem that plays a pivotal role in India’s transition toward a cashless, digitally empowered retail economy. Its solutions are designed to simplify transactions, enhance affordability, and strengthen the financial backbone of merchants across diverse sectors.
Pine Labs provides a wide portfolio of products and services tailored to meet the needs of modern merchants. Its Smart POS Devices enable acceptance of multiple payment options, including credit and debit cards, UPI, mobile wallets, and EMIs. The Buy Now, Pay Later (BNPL) offering allows consumers to instantly convert purchases into easy EMIs at the point of sale, enhancing affordability and driving sales for retailers.
Through its Merchant Financing solutions, Pine Labs extends short-term working capital loans in partnership with leading financial institutions, ensuring merchants have timely access to credit. Its Loyalty and Gift Solutions empower brands to design and manage loyalty programs, digital gift cards, and promotional campaigns that boost customer retention and engagement. In addition, the company’s E-commerce and Online Payment Tools provide secure APIs and payment gateway solutions to support online merchants and mobile app developers.
Industry Outlook
- India’s digital payments market reached ₹91 trillion (US$1.1 trillion) in FY 2024 and is projected to grow to ₹255–280 trillion (US$3.0–3.3 trillion) by FY 2029 at a 23–25% CAGR, driven by greater digital and card adoption.
- The payments ecosystem is shifting from cash and POS-based transactions to AI-powered, data-driven, and embedded payment experiences.
- Digitization is fostering a secure, scalable, and inclusive ecosystem, supporting innovation, financial inclusion, and sustainable customer growth.
- Fintech players are leading digital transformation, while traditional banks work to modernize legacy systems and strengthen digital capabilities.
How To Apply for the Pine Labs IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Pine Labs IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Pine Labs IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Pine Labs IPO
Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE, Gurgaon – 122 002, Haryana, India
Phone:+91 22 6986 3600
E-mail:cosecy@pinelabs.com
Pine Labs IPO Reservation
| Investor Category | Shares |
| QIB (Qualified Institutional Buyers) | At least 75% of the Net Offer |
| Retail Individual Investors (RII) | Not more than 10% of the Net Offer |
| Non-Institutional Investors (NII) | Not more than 15% of the Net Offer |
Key Performance Indicators for Pine Labs IPO
| KPI | Value |
| RoNW (%) | -9.18 |
| EBITDA Margin (%) | 13.22 |
Pine Labs IPO Prospectus
Pine Labs IPO Registrar and Lead Managers
Pine Labs IPO Lead Managers
- Axis Capital Ltd
- Morgan Stanley India Company Private Limited
- Citigroup Global Markets India Private Limited
- J.P. Morgan India Private Limited
- Jefferies India Private Limited
Registrar for Pine Labs IPO
Kfin Technologies Ltd
- Contact Number: +91 40 6716 2222
- Email Address: pinelabs.ipo@kfintech.com
Financial Performance of Pine Labs Limited
| Particulars | Six Months Ended June 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (in ₹ million) | 6,159.10 | 22,742.74 | 17,695.46 | 15,976.58 |
| Adjusted EBITDA (in ₹ million) | 1,205.62 | 3,567.16 | 1,582.01 | 1,967.95 |
| EBITDA Margin (%) | 19.57 | 15.68 | 8.94 | 12.32 |
| Profit/loss After Tax (in ₹ million) | 47.86 | (1,454.87) | (3,419.03) | (2,651.45) |
| Net Worth (in ₹ million) | 35,655.02 | 35,061.50 | 35,419.31 | 37,389.83 |
Pine Labs Peer Comparison
| Company Name | Face Value (₹ per share) | P/E ratio | EPS | RoNW (%) |
| Pine Labs Limited | 1 | [●] | (1.45) | (4.15) |
| Paytm | 1 | (110.98) | (10.35) | (4.69) |
| Zaggle Prepaid Ocean Services Limited | 1 | 48.87 | 6.99 | 9.64 |
Strengths and Opportunities of Pine Labs Limited
- The company operates a robust platform connecting merchants, consumer brands, enterprises, and financial institutions, creating strong network effects across commerce transactions.
- Demonstrates consistent growth in operating profitability, supported by a diverse suite of digital infrastructure and transaction solutions.
- Recognised as India’s largest player in closed and semi-closed loop gift card issuances by transaction value in FY 2024
- Maintains deep, long-standing relationships with large merchants, consumer brands, and financial institutions across diverse sectors in India and international markets.
- Plans to scale and diversify its suite of digital payment and fintech products to meet evolving customer and merchant needs.
- Seeks to strengthen its international presence across high-growth regions such as Southeast Asia and the Middle East.
- Intends to invest further in IT infrastructure, cloud technology, and digital solutions to enhance efficiency and customer experience.
- Aims to leverage transaction data and analytics to expand value-added offerings such as loyalty programs, affordability solutions, and business insights.
Risks and Threats of Pine Labs Limited
- The Company has incurred losses in recent fiscal periods, and there is no assurance of achieving or maintaining profitability in the future.
- Recorded negative cash flows from operations in recent years, which may continue to impact liquidity and financial flexibility.
- Inability to retain existing customers or attract new ones could adversely affect business growth and revenue stability.
- A significant portion of revenue is derived from a limited number of key customers, making the business vulnerable to customer attrition.
- Operations are subject to extensive supervision by the Reserve Bank of India (RBI) and ReBIT; any adverse observations or actions could impact operations and reputation.
- The Company and its subsidiaries are involved in ongoing legal proceedings, and unfavorable rulings could result in financial liabilities or reputational damage.
- Subject to stringent anti-money laundering (AML), counter-terrorist financing, and KYC regulations; any non-compliance may attract penalties and operational restrictions.
- Dependence on secure, uninterrupted IT systems exposes the business to potential disruptions, data breaches, or cyber threats impacting service continuity.
