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Pine Labs IPO Description – Pine Labs is a leading technology company digitizing commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions across India and international markets, including Malaysia, UAE, Singapore, Australia, the U.S., and Africa. Its “Digital Infrastructure and Transaction Platform” and “Issuing and Acquiring Platform” together enable in-store and online payments, affordability, value-added services, prepaid card issuance, and FinTech infrastructure solutions.
In Fiscal Year 2025, Pine Labs processed INR 11,42,497 crore in gross transaction value (GTV) across 568 crore transactions, serving 9,88,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. The company’s Digital Infrastructure and Transaction Platform handled INR 10,90,980 crore in GTV, while the Issuing and Acquiring Platform processed INR 51,517 crore, issuing over 36,700 crore prepaid cards and managing 7.7 crore card accounts.
Through strategic acquisitions such as Qwikcilver, Setu, Mosambee, and Credit+, Pine Labs has expanded its capabilities in prepaid solutions, API-based FinTech infrastructure, and small-merchant digitization. As of 30 June 2025, the company employed 4,465 individuals.
Promoters of Pine Labs – Does not have an Identifiable Promoter
Table of Contents
Pine Labs IPO Details
| Pine Labs IPO Dates | 7 – 11 November 2025 |
| Pine Labs Issue Price | INR 210 – 221 per share Employee discount – INR 21 per share |
| Fresh issue | INR 2,080 crore |
| Offer For Sale | 8,23,48,779 shares (INR 1,729.32 – 1,819.91 crore) |
| Total IPO size | INR 3,809.32 – 3,899.91 crore |
| Minimum bid (lot size) | 67 shares (INR 14,807) |
| Face Value | INR 1 per share |
| Retail Allocation | 10% |
| Listing On | BSE, NSE |
Pine Labs Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 1,597.66 | 1,769.55 | 2,274.27 | 615.91 |
| Expenses | 1,943.07 | 2,221.73 | 2,426.90 | 657.86 |
| Net income | (265.15) | (341.90) | (145.49) | 4.79 |
| Margin (%) | (16.60) | (19.32) | (6.40) | 0.78 |
Pine Labs Offer News
- Pine Labs secured all three RBI payment licences
- Pine Labs RHP
- Pine Labs DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Pine Labs Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2025 (Post-Issue) | |
| EPS | (2.70) | (3.46) | (1.45) | (1.27) |
| PE Ratio | – | – | NA | NA |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | NA | NA | NA |
| NAV | (17.95) | (20.61) | (22.43) |
| EBITDA (%) | 3.84 | 1.68 | 10.32 |
Pine Labs IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 13 November 2025 | 5 | 400 |
| 12 November 2025 | 2 | 100 |
| 11 November 2025 | 4 | 250 |
| 10 November 2025 | 4 | 300 |
| 8 November 2025 | 5 | 300 |
| 7 November 2025 | 7 | 400 |
| 6 November 2025 | 20 | 1,100 |
| 5 November 2025 | 25 | 1,200 |
| 4 November 2025 | 35 | 1,800 |
| 3 November 2025 | 60 | – |
Pine Labs Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Repayment/prepayment, in full or in part, of certain borrowings availed of by the company – INR 532 crore
- Investment in certain of the subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding the presence outside India – INR 60 crore
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives, and procurement of DCPs – INR 760 crore
- General corporate purposes and unidentified inorganic acquisitions
Pine Labs IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 5,24,42,127 | 2,71,91,602 | 1,81,27,735 | 1,32,275 | 9,78,93,739 |
| 11 Nov 2025 | 4.00 | 0.30 | 1.22 | 7.35 | 2.46 |
| 10 Nov 2025 | 0.64 | 0.13 | 0.93 | 5.12 | 0.56 |
| 7 Nov 2025 | 0.02 | 0.07 | 0.54 | 2.96 | 0.13 |
7,93,58,986 shares allotted to anchor investors are not included in these calculations.
Pine Labs – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Pine Labs | NA | (1.27) | NA | (22.43) | 2,274.27 |
| One97 Communications | (110.98) | (10.35) | (4.69) | 235.54 | 6,900.40 |
| Zaggle Prepaid Ocean Services | 48.87 | 6.96 | 9.64 | 99.25 | 1,303.76 |
Pine Labs IPO Allotment Status
Pine Labs IPO allotment status is now available on the KFin Technologies website. Click on this link to get the allotment status.
Pine Labs IPO Dates & Listing Performance
| IPO Opening Date | 7 November 2025 |
| IPO Closing Date | 11 November 2025 |
| Finalization of Basis of Allotment | 12 November 2025 |
| Initiation of refunds | 13 November 2025 |
| Transfer of shares to demat accounts | 13 November 2025 |
| Pine Labs IPO Listing Date | 14 November 2025 |
| Opening Price on NSE | INR 242 per share (up 9.50%) |
| Closing Price on NSE | INR 252 per share (up 14.03%) |
Pine Labs IPO Reviews – Subscribe or Avoid?
Aditya Birla Money – Subscribe
Anand Rathi – Subscribe for long term
Axis Capital –
Antique Stock Broking –
Arihant Capital –
Ashika Research –
Asit C Mehta –
BP Wealth – Subscribe
Capital Market – Neutral
Canara Bank Securities –
Choice Broking –
Dalal & Broacha –
Elite Wealth –
GCL Broking –
Geojit –
GEPL Capital – Avoid
Hem Securities –
ICICIdirect –
IDBI Capital – Subscribe
Jainam Broking – Neutral
DR Choksey –
Lakshmishree – Subscribe for long term
Mehta Equities – Subscribe for long term
Sushil Finance – Subscribe
Nirmal Bang –
SMIFS – Subscribe
SBI Securities – Subscribe for long term Investment Horizon
Samco Securities – Subscribe for listing gain
SMC Global – 2/5
Swastika Investmart – Avoid
Ventura Securities – Subscribe
Pine Labs IPO Lead Manager
AXIS CAPITAL LIMITED
1st Floor, Axis House, P.B. Marg,
Worli, Mumbai – 400 025
Phone: +91 22 4325 2183
Email: [email protected]
Website: www.axiscapital.co.in
Pine Labs Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower-B, Plot No. 31 and 32,
Financial District Nanakramguda,
Serilingampally, Hyderabad – 500 032
Phone: +91 40 6716 2222/18003094001
Email: [email protected]
Website: www.kfintech.com
Pine Labs Contact Details
PINE LABS LIMITED
Candor Techspace, 4th & 5th Floor, Tower 6,
Plot No. B2, Sector 62, Noida – 201 301
Phone: +91 22 6986 3600
Email: [email protected]
Website: www.pinelabs.com
Pine Labs IPO FAQs
How many shares in the Pine Labs IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply in the Pine Labs Public Offer?
The best way to apply for the Pine Labs public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Pine Labs IPO GMP today?
Pine Labs IPO GMP today is INR 5 per share.
What is the Pine Labs kostak rate today?
Pine Labs kostak rate today is INR NA per application.
What is Pine Labs’ Subject to Sauda rate today?
Pine Labs Subject to Sauda rate today is INR 400 per application.