Summary of this article
Pine Labs’ IPO will be available to subscribe from November 7 till November 11
Pine Labs hasn’t announced its price band yet, so there’s no GMP
Pine Labs’ IPO is set to list on November 14, and allotment of shares is expected by November 12
Pine Labs IPO: Fintech firm Pine Labs is set to launch its initial public offering (IPO) on November 7, 2025. The company aims to raise Rs 2,080 crore through the fresh issue of its shares. The public issue also consists of an offer for sale (OFS) component of 82,348,779 shares. The fintech company is yet to announce the price band, hence the size of the OFS component at the moment cannot be determined yet.
Pine Labs’ IPO will be available for public subscription till November 11, 2025.
Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the book running lead managers, while KFin Technologies is the registrar to the issue.
Pine Labs IPO GMP
Pine Labs is yet to announce its IPO price band, and as a result, there is currently no grey market premium (GMP) for its shares.
Pine Labs IPO Allotment, Listing Date
The basis of allotment for Pine Labs’ IPO is expected to be finalised by November 12, 2025, and the shares are set to list on both the exchanges, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), tentatively on November 14.
Pine Labs IPO Selling Shareholders
Among the key investors exiting the company are Peak XV Partners Pine Investment Holdings, which will offload 23,002,308 equity shares, Actis Pine Labs Investment Holding will offload up to 8,808,097 shares, and Machritchie Investments will sell up to 8,747,787 shares.
Other shareholders trimming their stakes include PayPal, Mastercard Asia, AIM Investment Funds, Madison India Opportunities IV, Lone Cascade, Lokvir Kapoor, and Sofina Ventures.
Pine Labs IPO Reservation
According to the red herring prospectus (RHP), Pine Labs has reserved at least 75 per cent of the net offer for qualified institutional buyers (QIBs), up to 15 per cent for non-institutional investors (NIIs), and up to 10 per cent for retail investors.
Pine Labs: Company Profile
Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms offering digital payment, point-of-sale (POS), and merchant financing solutions. The company’s product suite includes smart POS terminals, Buy Now Pay Later (BNPL) options, short-term financing for merchants, loyalty and gift card programs, and online payment tools.
As of June 30, 2025, Pine Labs had a network of 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. Its key clients include Amazon Pay, LG Electronics, Flipkart, HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs: Financial Performance
Pine Labs reported a total income of Rs 653.08 crore for the quarter ending June 30, 2025 (Q1FY26). Its profit after tax (PAT) stood at 4.79 crore, and earnings before interest tax depreciation and amortisation (Ebitda) at Rs 120.56 crore.
For the full financial year 2025 (FY25), Pine Labs reported a total income of Rs 2,327.09 crore, up from 1,824.16 crore in FY24 and Rs 1,690.44 crore in FY23.
The company logged losses of Rs 145.49 crore for FY25, narrowed from Rs 341.90 crore in FY24, and Rs 265.15 crore in FY23.
Ebitda, however, grew to Rs 356.72 crore in FY25 from Rs 58.20 crore in FY24, and Rs 196.80 crore in FY23.
The fintech firm has a net debt of Rs 888.74 crore, and a net worth of Rs 2,327.55 crore, as of Q1FY26.
Pine Labs IPO: Should You Subscribe?
Strengths:
According to the RHP, Pine Labs’ biggest strength lies in its “ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions and creating network effects”.
In simple terms, it connects all sides of the payments chain, such as merchants, banks, and brands, and allows each transaction to generate more data and business opportunities. This network effect, it says, “enables monetisation opportunities with multiple participants”.
Another core strength, according to the RHP, is its “platform with proven scale and growth in operating profitability”. Pine Labs claims it is “the largest player in closed and semi-closed loop gift card issuances by transaction value in Fiscal Year 2025” and “the largest digital affordability solution enabler at digital checkout points in terms of total processed value”.
Risks:
Pine Labs also flagged a number of risk factors to its business. The company admitted that it “has incurred losses in the recent past”, including “a loss for the year of Rs 1,454.87 million in Fiscal Year 2025”, adding that “there can be no assurance that we will not continue to suffer losses in the future”. It also mentioned that it has had “negative cash flows from operations” and may continue to do so.
Dependence on a few large clients is another concern. The company noted that “our top 10 customers accounted for 29.30 per cent and 30.95 per cent of our revenue from operations for the three months period ended June 30, 2025 and fiscal year 2025, respectively”. Any loss of business from these key customers, it says, “could significantly impact our business, financial condition and results of operations”.
Further, Pine Labs said that its business is “subject to regulation, oversight and inspection by the Reserve Bank of India and the Reserve Bank Information Technology Private Limited”. Any adverse action or observation by regulators, it said, could “adversely affect our business, financial condition, results of operations and prospects”.
The company also listed risks related to “high competition”, “cybersecurity and data breaches”, and reliance on “third-party technology and service providers”. It said that technical failures or vendor issues could lead to business disruptions and harm its reputation.
