Pine Labs is a technology-driven enterprise focused on digitizing commerce through advanced digital payment and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Operating across India, Malaysia, the UAE, Singapore, Australia, the U.S., and Africa, it offers two key platforms the Digital Infrastructure and Transaction Platform, enabling seamless payment acceptance, affordability solutions, and value-added services; and the Issuing and Acquiring Platform, empowering businesses to issue and manage prepaid, credit, debit, and loyalty solutions. Its API-enabled infrastructure supports end-to-end lifecycle management for financial institutions without assuming consumer credit risk.
Price Band₹210 - ₹221 |
Dates07 Nov - 11 Nov |
GMP₹1 (0.45%) |
Subscriptions2.46 times |
Issue Size₹3,899.91 Crs |
Pine Labs IPO Objects
- Repayment or prepayment of borrowings by the Company & its subsidiaries
- Investment in subsidiaries Qwikcilver Singapore, Pine Payment Solutions Malaysia, & Pine Labs UAE to expand overseas presence.
- Investment in IT assets, cloud infrastructure, digital check-out systems, & technology development.
- General corporate purposes & unidentified inorganic acquisitions
Pine Labs IPO Details
Price Band₹210 - ₹221 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹2,080.00 Cr (9.41 Cr Shares) |
Offer For Sale₹1,819.91 Cr (8.23 Cr Shares) |
Total Issue₹3,899.91 Cr (17.65 Cr Shares) |
Face Value₹1 per equity share |
Pine Labs IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
67
14,807
Maximum
13
871
1,92,491
|
|||
| Small HNI |
Minimum
14
938
2,07,298
Maximum
67
4,489
9,92,069
|
|||
| Big HNI |
Minimum
68
4,556
10,06,876
|
|||
Pine Labs IPO Subscription
Updated as on 11-Nov-2025 19:00:00
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 4.00 | 5,24,42,127 | 20,97,92,544 |
| NII | 0.30 | 2,71,91,602 | 80,30,754 |
| bNII (bids above ₹10L) | 0.24 | 1,81,27,735 | 43,66,323 |
| sNII (bids between ₹2L to ₹10L) | 0.40 | 90,63,867 | 36,64,431 |
| Retail | 1.22 | 1,81,27,735 | 2,21,42,830 |
| Employee | 7.35 | 1,32,275 | 9,72,706 |
| Total | 2.46 | 9,78,93,739 | 24,09,38,834 |
Pine Labs IPO GMP
The estimated Grey Market Premium of Pine Labs IPO is ₹1 per share (0.45%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Employee | Rs. 2.5 Cr |
Pine Labs IPO Financials
| Particulars | June-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue from Operations | 615.91 | 2,274.27 | 1,769.55 | 1,597.66 |
| Profit after Tax | 4.79 | -145.49 | -341.90 | -265.15 |
| Net Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
| Total Assets | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| NAV per share (in ₹) | 22.69 | -22.43 | -20.61 | -17.95 |
| EPS - Basic (in ₹) | 0.05 | -1.45 | -3.46 | -2.70 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | Values |
|---|---|
| EBITDA | 15.68% |
| No. of Merchants | 9,54,420 |
| No. of Transactions | 5.68 Billions |
| PE Ratio | NA |
| PB Ratio | NA |
| Price to Sales | 11.15 |
| Mkt Cap (in Crs.) | 25,376.65 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Pine Labs IPO Peer Comparision
| Particulars | Pine Labs | Paytm | Zaggle |
|---|---|---|---|
| Revenue from Ops (as per RHP) | 2,274.27 | 6,900.00 | 1,303.76 |
| EPS - Basic | -1.45 | -10.35 | 6.99 |
| NAV per share | -22.43 | 235.54 | 99.25 |
| RONW | -4.15% | -4.69% | 9.64% |
| EBITDA | 15.68% | -10.00% | 9.46% |
| Price to earning (PE) | NA | -110.98 | 48.87 |
- All information pertains to FY 2024-25.
- The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 1, 2025 for Peers
Pine Labs IPO Peer Comparision
| Particulars | Pine Labs |
|---|---|
| Revenue from Ops (as per RHP) | 2,274.27 |
| EPS - Basic | -1.45 |
| NAV per share | -22.43 |
| RONW | -4.15% |
| EBITDA | 15.68% |
| Price to earning (PE) | NA |
| Paytm | Zaggle |
|---|---|
| 6,900.00 | 1,303.76 |
| -10.35 | 6.99 |
| 235.54 | 99.25 |
| -4.69% | 9.64% |
| -10.00% | 9.46% |
| -110.98 | 48.87 |
- All information pertains to FY 2024-25.
- The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 1, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
Management Details
| Name | Designation |
|---|---|
| B. Amrish Rau | Chairman, MD & CEO |
| Kush Mehra | CBO |
| Sameer Kamath | CFO |
Company Details
Name: Pine Labs Limited
Address: Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE, Gurgaon – 122 002, Haryana, India
Number: +91 22 6986 3600
Email: cosecy@pinelabs.com
Website: www.pinelabs.com
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Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Pine Labs IPO is a Mainboard IPO having an issue size of Rs. ₹3,899.91 Crs. Pine Labs IPO is priced at ₹210 - ₹221 per share. The issue opens on 07 Nov 25 and closes on 11 Nov 25.
Pine Labs IPO opens on 07 Nov 25 and closes on 11 Nov 25.
The estimated Grey Market Premium of Pine Labs IPO is ₹1 per share (0.45%).
The minimum lot size of Pine Labs IPO is 67 shares & the minimum application amount is Rs. 14807.
The allotment date of Pine Labs IPO is 12 Nov 25.
The listing date of Pine Labs IPO is 14 Nov 25.
Pine Labs IPO is subscribed 2.46 times.
Pine Labs IPO is priced at ₹210 - ₹221 per share.
Click the allotment link on Pine Labs IPO page of IPO360.
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