Pine Labs Limited IPO

Mainboard

Financial Technology (Fintech)

Listed On: Nov 14, 2025 at ₹ 242.0(NSE)

₹ 14807 /67 Shares

Check Allotment

07 Nov, 2025

Open Date

11 Nov, 2025

Close Date

12 Nov, 2025

Allotment Date

14 Nov, 2025

Listing Date

Price Summary

Last Closing

233.99 (5.88%)

52 Week High

284.00

52 Week Low

230.53

Last Update

24-Nov-2025 3:30 PM

Pine Labs IPO Live Subscription Details

View Subscription Details

QIB 3.97x

Retail 1.26x

NIIs 0.30x

BHNI 0.25x

SHNI 0.42x

Retail 1.26x

EMP 7.78x

Total 2.48x

Last updated: 11 Nov 2025, 06:55 PM

Pine Labs IPO Issue Details

Issue Price ₹210-221 per equity share
Face Value ₹1 Per Equity Share
Total Issue Size 17,64,66,426 shares(aggregating up to ₹3899.91 crore)
Fresh Share 9,41,17,647 shares(aggregating up to ₹2080 crore)
Offer For Sale 8,23,48,779 shares(aggregating up to ₹1819.91 crore)
Listing at BSE, NSE
List Price 242.0(NSE)
Listing Date 2025-11-14
Lead Manager Axis Capital Ltd
Morgan Stanley India Co.Pvt.Ltd.
Citigroup Global Markets India Pvt.Ltd.
JP Morgan India Pvt.Ltd
Jefferies India Pvt.Ltd.
Registrar Kfin Technologies Ltd

Market Lot Size

Investors can bid for a minimum of 67 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	67	₹14,807
Retail(max)	13	871	₹1,92,491
SHNI(min)	14	938	₹2,07,298
SHNI(max)	67	4,489	₹9,92,069
BHNI(min)	68	4,556	₹10,06,876

Pine Labs IPO Reservation

Pine Labs IPO offers total 176466427 shares. Out of which 52897083 (29.98%) allocated to QIB, 26451214 (14.99%) allocated to NII,17634143 (9.99%) allocated to RII, 125000 (0.07%) allocated to employees and 79358986 (44.97%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	79358986 (44.97%)
QIB Shares Offered	52897083 (29.98%)
NII (HNI) Shares Offered	26451214 (14.99%)
bNII < ₹10L	17634143 (10%)
sNII < ₹10L	8817071 (NA%)
Retail Shares Offered	17634143 (9.99%)
Employee Shares Offered	125000 (0.07%)
Total Shares Offered	176466427 (100%)

Pine Labs IPO Documents

DRHP

RHP

ANCHOR

Pine Labs IPO Details

Pine Labs IPO is a book-built issue of ₹3899.91 crores, The total issue size is ₹3899.91 crores. The IPO of Pine Labs is priced at ₹210-221 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Nov 7, 2025 and ends on Nov 11, 2025. The allotment for Pine Labs IPO will be finalized on Nov 12, 2025. Pine Labs IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 14, 2025. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 67 shares, extendable to 14,807. S-HNIs will be able to bid for 938 shares at ₹2,07,298, while B-HNIs can also apply for a bid of 4,556 shares at ₹10,06,876. The book-running lead manager for the IPO is/are Axis Capital Ltd, Morgan Stanley India Co.Pvt.Ltd., Citigroup Global Markets India Pvt.Ltd., JP Morgan India Pvt.Ltd, Jefferies India Pvt.Ltd..

The total issue ₹3899.91 crore, comprising a fresh issue of 9,41,17,647 shares ₹2080 crore and having Offer for Sale (OFS) of 8,23,48,779 shares to mop up ₹1819.91 crore.

The Pine Labs IPO sets its price band at 210-221 for each share. A single application for Pine Labs Limited IPO must contain at least 67 shares. Sentiment investors need to invest a minimum of 67 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,807 In order to participate in the sNII, investors must purchase at least 14 lots of 938 shares for ₹2,07,298, while the bNII requires 68 lots of 4,556 shares for an investment of ₹10,06,876.

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	5,28,97,083	2,64,51,214 1,76,34,143 88,17,071	1,76,34,143	9,71,07,440
Day 1 07-11-25 05:00 PM	0.02 x	0.07 0.03 x 0.14 x	0.59 x	0.14 x
Day 2 10-11-25 05:00 PM	0.63 x	0.12 0.07 x 0.24 x	0.91 x	0.55 x
Day 3 11-11-25 05:00 PM	3.97 x	0.30 0.25 x 0.42 x	1.26 x	2.48 x

Total No of Applications

2,35,702

Pine Labs Valuations

EPS Pre IPO ₹-1.38/-

RoNW -4.15%

EBITDA Margin 15.68%

Market Cap. 25376.65 Cr.

Pine Labs Company Financials

In Crs.

In Cr.

	30-Jun-25	31-Mar-25	31-Mar-24	31-Mar-23
Assets	10,904.32	10,715.74	9,648.56	9,363.21
Revenue	653.08	2,327.09	1,824.16	1,690.44
Profit After Tax	4.79	-145.49	-341.90	-265.15
Total Borrowing	888.74	829.49	532.92	329.51

About Pine Labs Company

Pine Labs is a top Indian merchant commerce company offering point-of-sale (POS) solutions, payment processing, and financing for merchants. Established in 1998 with its headquarters in Noida, India, Pine Labs enables small, medium, and large businesses to pay and get paid through digital payment technologies and value-added services.

Main Products/Services:
Smart POS Devices – Accept multiple types of payments such as credit/debit cards, UPI, mobile wallets, and EMIs.
Buy Now Pay Later (BNPL) – Provides point of sale instant EMI solutions on consumer products.
Merchant Financing – Provides short-term working capital financing to merchants in association with financial institutions.
Loyalty and Gift Solutions – Allows brands to offer loyalty initiatives, electronic gift cards, and promotional campaigns.
E-commerce and Online Payment Tools – Provides APIs and payment gateway services to enable digital stores and apps.

As on Jun 30, 2025, the company had 988,304 merchants , 716 consumer brands and enterprises, and 177 financial institutions. It has processed payments for leading consumer brands like Amazon Pay, LG Electronics, Flipkart Internet Private Limited and Redington. In the financial institutions segment, its major customer base consists of HDFC Bank, Axis Bank and ICICI Bank.
Pine Labs has grown from a card-based payment solution company to a full-fledged fintech platform, leading the charge for India's transition to a cashless, digitally empowered retail economy.

Pine Labs - Promoter(s)

Pre Issue Share Holding : N/A%

Post Issue Share Holding : N/A%

Pine Labs IPO - Issue Objectives

Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries – ₹532.0 Cr

Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India – ₹60.0 Cr

Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs – ₹760.0 Cr

General corporate purposes and unidentified inorganic acquisitions

Pine Labs IPO - Peers Comparison

	P/B Ratio	P/E Ratio	RoNW	Revenue(in Cr.)
Pine Labs	N/A	N/A	-4.15%	2274
One97 Communications (Paytm)	N/A	-110.98	-4.69%	6900
Zaggle Prepaid	N/A	48.8	9.64%	1303

Strength

A comprehensive fintech ecosystem that integrates sellers, consumer brands, and financial institutions to host seamless commerce transactions.

Full-Stack, Cloud-Based Platform: Scalable and secure infrastructure to support high-volume transaction processing across geographies.

Strong Partnerships: Deep relationships with leading merchants, brands, and financial institutions for repeat business and cross-platform growth.

Weakness

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.

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.

Dependence on secure, uninterrupted IT systems exposes the business to potential disruptions, data breaches, or cyber threats impacting service continuity.

Contact Details

Pine Labs

Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE, Gurgaon, Haryana, 122002

+91 22 6986 3600

cosecy@pinelabs.com

http://www.pinelabs.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

einward.ris@kfintech.com

https://ipostatus.kfintech.com/

Pine Labs IPO - FAQs

Ans. Pine Labs Limited IPO is a Mainboard IPO. The issue is priced at ₹210-221 per equity share. The minimum order quantity is 67 Shares. The IPO opens on Nov 7, 2025, and closes on Nov 11, 2025. Kfin Technologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Pine Labs Limited IPO opens on Nov 7, 2025 and closes on Nov 11, 2025.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Pine Labs Limited IPO is Total 3,899.91 Cr : #Fresh Issue : 9,41,17,647 shares(aggregating up to ₹2,080.00 Cr) + #OFS : 8,23,48,779 shares of ₹1(aggregating up to ₹1,819.91 Cr).

Ans. The Pine Labs Limited IPO price band is set between ₹210-221 per equity share.

Ans. To apply for Pine Labs Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Pine Labs Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Pine Labs Limited IPO is Nov 12, 2025.

Ans. The Pine Labs Limited IPO will be listed on Nov 14, 2025.

Ans. Follow the steps to check the Pine Labs Limited IPO allotment status online.