Pine Labs is planning to raise around ₹3899.91 crore via this IPO.
One of India’s leading payment solutions platform Pine Labs which offers services like merchant-commerce platforms, enabling payments, point-of-sale (PoS) solutions and value-added services to merchants across the country and overseas.
Check Pine Labs IPO allotment status
The company has now announced its IPO, making it one of the most anticipated public offerings of 2025. Here are details about IPO size, price band, grey market premium (GMP), financials, strengths & risks.
Pine Labs offers a broad and deep set of fintech / merchant‐commerce products and services loke POS machine, and it is a full‐stack merchant commerce platform.
Grey Market Premium for Pine Labs is ₹ 04.
Subscription date to apply for Pine Labs starts from 07-Nov’25 and ends at 11-Nov’25. Price band for the IPO is ~₹210-221 per share.
The issue consists Fresh issue of ~₹ 2,080 Crore & Offer for Sale of 8,23,48,779 shares.
Revenue, PAT, EBITDA of Pine Labs
| Year | 2025 |
| Networth | ~ ₹2,044 Cr |
| Revenue: | ~ ₹ 1,743 Cr |
| EBITDA | ~ ₹286 Cr |
| PAT | ~ -₹187.2 Cr |
| EBITDA Margin: | 16.4 % |
| PAT Margin | -10.7% |
Pine Labs Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Net Worth (₹ Cr) |
| 2022 | ₹ 1,017 | ₹ -259 | ₹ 6,263 | ₹ 1,913 |
| 2023 | ₹ 1,588 | ₹ -227 | ₹ 7,406 | ₹ 2,184 |
| 2024 | ₹ 1,743 | ₹ -187.2 | ₹ 7,910 | ₹ 2,044 |
Pine Labs IPO Grey market premium today
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit per lot |
| 12-Nov | ₹ 210-221 | ₹ 04 | Negative | ₹ 225 | ₹ 268 |
| 11-Nov | ₹ 210-221 | ₹ 06 | Negative | ₹ 227 | ₹ 402 |
| 10-Nov | ₹ 210-221 | ₹ 06 | Negative | ₹ 227 | ₹ 402 |
| 09-Nov | ₹ 210-221 | ₹ 07 | Negative | ₹ 228 | ₹ 469 |
| 08-Nov | ₹ 210-221 | ₹ 07 | Negative | ₹ 228 | ₹ 469 |
| 07-Nov | ₹ 210-221 | ₹ 08 | Neutral | ₹ 229 | ₹ 536 |
| 06-Nov | ₹ 210-221 | ₹ 18 | Positive | ₹ 239 | ₹ 1,206 |
| 05-Nov | ₹ 210-221 | ₹ 30 | Positive | ₹ 251 | ₹ 2,010 |
| 04-Nov | ₹ 210-221 | ₹ 40 | Positive | ₹ 261 | ₹ 2,680 |
| 03-Nov | ₹ 210-221 | ₹ 57 | Positive | ₹ 278 | ₹ 3819 |
| 02-Nov | ₹ 210-221 | ₹ 57 | Positive | ₹ 278 | ₹ 3819 |
Pine Labs IPO Pros & Cons
Strengths:
- Large Merchant Ecosystem: Pine Labs has ~9.15 lakh merchants and 164 financial institutions with reach in international markets
- Diverse Product Portfolio: Offering POS, digital payments, merchant financing (EMI/BNPL), gift cards, loyalty programs, and analytics, creating multiple revenue streams.
- High Transaction Volumes – Processes more than 7.5 lakh crore in total transaction values
- Backed by Global Investors like PayPal, Mastercard, Temasek & many others.
- Future growth aspects: India’s digital payments growth, offline-to-online commerce integration, and increasing merchant digitization is expected to support its future growth.
Risks:
- Unprofitable till date – Reported net loss of ~₹187 crore in FY24, profitability remains a major challenge.
- Execution Risk of expansion in India and across globe.
- Fierce Competition: Fintech rivals like Razorpay, PhonePe, Paytm, and traditional banking players give strong competition.
- IPO valuation is high, the pricing may reflect high growth expectations, limiting upside for short-term investors.
- Regulatory & Compliance Risk and any change in payment regulations, data privacy laws, and cross-border licensing could impact operations.
Pine Labs: IPO date & invest detail
| IPO Open Date: | 07–Nov’25 |
| IPO Close Date: | 11-Nov’25 |
| Anchor Investor Bidding | 06–Nov’25 |
| IPO Allotment Date: | 13 Nov’25 |
| Refunds & Demat Credit | 13 Nov’25 |
| Tentative Listing Date: | 14 Nov’25 |
| IPO Category | Mainboard |
| Symbol | – |
| Face Value: | Rs.1 per Equity Share |
| Issue Size: | ~ ₹ 3,899.91 Cr |
| Lot Size: | 67 |
Pine Labs Composition & Proceeds
| Fresh Issue: | ~₹ 2,080 Crore |
| Offer for Sale: | ~₹ 1,819 Cr (8,23,48,779 shares) |
| Employee reservation | – |
| Price Range | ~₹ 210-221 |
| Use of Proceeds: | |
| Borrowing Payment | ~₹ 870 Crore |
| Subsidiary Investment | ~₹ 60 Crore |
| Technology & Infrastructure | ~₹ 760 Crore |
| Marketing & Promotions | – |
| Other | Balance |
| IPO Listing on: | NSE & BSE |
| Retail Quota: | ≥ 35% |
| QIB Quota: | ≥ 35% |
| NII Quota: | ≥ 15% |
Pine Labs Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ |
| Retail (Max) | – | 13 | – | ₹ |
| Small HNI (Min) | – | 14 | – | ₹ |
| Small HNI (Max) | – | 66 | – | ₹ |
| Big HNI (Min) | – | 67 | – | ₹ |
Core Offerings of Pine Labs
It is a unified merchant-commerce platform that allows businesses to accept multiple payment methods like debit cards, credit cards, e-wallets, UPI and QR codes — via one device or system.
Various services that it also offers are value-added services for business growth such as instalment plans (BNPL/EMI), loyalty programmes and analytics tools to help merchants boost sales, retain customers and improve margins.
Pine Labs’s customer reach/market share
As of Dec’24 Pine Labs has approx. ~ 9.15 lakh merchants and 666 consumer brands & enterprises, and 164 financial institutions on its platform. It has crossed ~ ₹ 7.53 lakh crore of gross transaction value across its platform.
Pine Labs Promoters – Pre offer equity (Approx)
| Peak XV Partners | ~ 20.35% |
| Macritchie Investments (Temasek vehicle) | ~ 7.10 % |
| PayPal Holdings Inc. | ~ 6 % |
| Actis Pine Labs Investment Holdings Ltd. (Actis Capital) | ~ 5.78 % |
| Mastercard Asia/Pacific | ~ 5.24 % |
| B. Amrish Rau (CEO/Managing Director) | ~ 2.35 % |
| Lokvir Kapoor (Founder) | ~ 1.97 % |
Lead Managers / Registrars of Pine Labs
| Lead / Book Running Lead Managers | Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited (Citi), J.P. Morgan India Private Limited, Jefferies India Private Limited |
| Registrar (RTA) | KFin Technologies Limited |
Founding Year & Managing Director of Pine Labs
Pine Labs was commenced in the year 1998.
Mr. B. Amrish Rau is the Managing Director & Chairman of the company.
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