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Pine Labs IPO is a bookbuilt issue of ₹3,899.91 crore. It combines a fresh issue of 9.41 crore shares aggregating to ₹2,080.00 crore and an offer-for-sale of 8.23 crore shares aggregating to ₹1,819.91 crore.
The IPO opens for subscription on November 7, 2025, and closes on November 11, 2025. The allotment is expected to be finalized on Wednesday, November 12, 2025. The price band for the IPO is set at ₹210 to ₹221 per share, and the minimum lot size for an application is 150 shares.
Company Summary
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes, from small retailers to large enterprises, with digital payment technologies and value-added services.
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It has served top consumer brands, including Amazon Pay, LG Electronics, Flipkart Internet Private Limited, and Redington. Under the financial institutions, its key customer base includes HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs has evolved from a card-based payment solution provider to a comprehensive fintech platform, playing a key role in India’s shift to a cashless, digitally empowered retail economy.
Company Key Offerings
- Smart POS Devices– Accept multiple forms of payments, including credit/debit cards, UPI, mobile wallets, and EMIs.
- Buy Now Pay Later (BNPL)– Offers instant EMI solutions at the point of sale for various consumer goods.
- Merchant Financing– Provides short-term working capital loans to merchants through partnerships with financial institutions.
- Loyalty and Gift Solutions– Enables brands to offer loyalty programs, digital gift cards, and promotional campaigns.
- E-commerce and Online Payment Tools– Offers APIs and payment gateway services to support digital stores and apps.
Company Strengths
- An ecosystem that brings together merchants, consumer brands and enterprises, and financial institutions, enabling commerce transactions
- Full-stack, cloud-based, scalable digital infrastructure and transaction platform
- Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
- Experienced, professional management team
Company Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| Total Income | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| Profit After Tax | 4.79 | -145.49 | -341.9 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.2 | 196.8 |
| Net Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Repayment/prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries
- Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding our presence outside India
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives, and procurement of DCPs
- General corporate purposes and unidentified inorganic acquisitions
IPO Details
| IPO Date | November 7, 2025, to November 11, 2025 |
| Listing Date | November 14, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹210 to ₹221 per share |
| Lot size | 67 shares |
| Total Issue size | 17,64,66,426 shares (aggregating upto ₹3899.91 Cr ) |
| Fresh Issue | 9,41,17,647 shares (aggregating upto ₹2,080.00 Cr ) |
| Offer for Sale | 8,23,48,779 shares of ₹1 (aggregating upto ₹1,819.91 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 1,05,41,46,853 shares |
| Share Holding Post Issue | 1,14,82,64,500 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII | 1. Employee limit: (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs, and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 67 | ₹14,807.00 |
| Retail (Max) | 13 | 871 | ₹1,92,491.00 |
| S-HNI (Min) | 14 | 938 | ₹2,07,298.00 |
| S-HNI (Max) | 67 | 4,489 | ₹9,92,069.00 |
| B-HNI (Min) | 68 | 4,556 | ₹10,06,876.00 |
Allotment Schedule
| Basis of Allotment | Wed, 12 Nov, 2025 |
| Initiation of Refunds | Thu, 13 Nov, 2025 |
| Credit of Shares to Demat | Thu, 13 Nov, 2025 |
| Tentative Listing Date | Fri, 14 Nov, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 11, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | At least 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Source – SEBI, Chittorgarh
To check allotment, click here
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