Pine Labs IPO: Date, Price Band, GMP, & Full Review

One of the most anticipated public offerings of 2025 is finally here. The Pine Labs IPO is set to open, bringing a giant of the Indian fintech and merchant commerce space to the public markets.

You've seen their Point-of-Sale (PoS) terminals at nearly every store; now, you have the chance to invest. Backed by global giants like PayPal and Mastercard, the Pine Labs IPO is a landmark event for the Indian tech landscape.

At IPO Ji, we've analyzed the RHP (Red Herring Prospectus) to bring you a complete guide. This post covers the Pine Labs IPO date, price band, GMP, financial analysis, and a clear "Should You Apply?" review.

(New to investing? We recommend reading our complete guide on what is an IPO before you dive in.)

Pine Labs IPO: At a Glance

This is a mainline IPO with a total issue size of ₹3,900 crore, making it one of the largest of the year. Here are all the essential details in one place:

About Pine Labs: A Leader in Merchant Commerce

Pine Labs is one of India's leading merchant commerce platforms. Its core business is providing Point-of-Sale (PoS) terminals that allow merchants (from small kiranas to large enterprises) to accept digital payments.

However, it has evolved far beyond just PoS machines. The company now offers a full suite of services, including:

• Online payment gateways
• Buy Now Pay Later (BNPL) and EMI services at checkout
• Gift card and loyalty programs (through its subsidiary, Qwikcilver)
• Business and invoicing software

Its list of investors is a "who's who" of global finance, including Peak XV Partners (formerly Sequoia), Actis, PayPal, and Mastercard. This strong backing validates its technology and market position.

Pine Labs IPO Review: Strengths vs. Risks

Here is our analysis of the pros and cons to help you make an informed decision.

Key Strengths

• Market Dominance: Pine Labs is a clear leader in the offline merchant payments space in India with a massive, established network.
• Strong Financial Growth: The company is growing fast. Revenue for FY25 jumped 27.5% to ₹2,327 crore, and its Adjusted EBITDA (a measure of operating profit) grew an impressive 125.5% to ₹356.7 crore.
• Clear Path to Profitability: While still loss-making, the company has shown excellent financial discipline. Its net loss narrowed significantly from ₹341.9 crore in FY24 to ₹145.5 crore in FY25. This shows a strong trend toward profitability.
• Blue-Chip Investor Backing: Being backed by names like Mastercard and PayPal provides immense credibility and strategic partnerships.

Potential Risks

• Intense Competition: The fintech space is incredibly competitive, with rivals in payments, lending, and software.
• Offer for Sale (OFS): A significant portion of the IPO (₹1,820 cr) is an OFS, where existing investors are selling their shares. This money does not go to the company.
• Valuation: As a high-growth tech company, the IPO's valuation will be a key factor. Investors will be paying a premium for its future growth, not just its current earnings.

Objectives of the Fresh Issue

The company will raise ₹2,080 crore from the fresh issue of shares. According to the RHP, this money will be used for:

1. Repayment of Debt (₹532 cr): Strengthening the balance sheet by becoming debt-light.
2. Investment in Technology (₹760 cr): Funding IT assets, cloud infrastructure, and technology development.
3. Expansion (₹60 cr): Investing in subsidiaries in Singapore, Malaysia, and the UAE to expand its international presence.
4. General Corporate Purposes: For day-to-day operations and future opportunities.

This is a solid use of funds, focusing on strengthening the core business (debt repayment) and investing in future growth (tech and expansion).

How to Apply for the Pine Labs IPO with IPO Ji (The Easy Way)

Ready to apply? The IPO Ji platform makes it simple and fast. Follow these 6 easy steps to place your bid for the Pine Labs IPO:

1. Download and open the IPO Ji app or visit the IPO Ji website.
2. Browse the list of current mainline IPOs and select "Pine Labs".
3. Tap the "Apply" button located next to the IPO details.
4. You will be prompted to enter your application details, including your PAN, Demat account number, lot size (e.g., 1 lot = 67 shares), and bid price (tip: select the cut-off price of ₹221 to maximize allotment chances).
5. Select UPI and enter your UPI ID to set up the payment mandate.
6. Review your application details to ensure they are correct, and then submit your bid. You will receive a UPI mandate on your app to approve the payment.

The Pine Labs IPO is a rare opportunity to invest in a market-leading, high-growth Indian fintech company that is on a clear path to profitability. With strong financials, a dominant market position, and the backing of global leaders, it is poised to be one of the most in-demand IPOs of the year.

Keep this page bookmarked for live Pine Labs IPO GMP updates and subscription status.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. All investors are advised to read the RHP and consult with a financial advisor before making any investment decisions.