Pine Labs IPO: Price, Analysis, Allotment, And GMP

Pine Labs IPO - Company Analysis

Pine Labs IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 3,899.91 Cr by Pine Labs Ltd., founded in 1998 and is one of the largest fintech and merchant payment solution providers in India, applying POS, BNPL and merchant credit products within and across Southeast Asia. Pine Labs has diversified even further with the acquisition of digital payment subsidiaries Fave, Qwikcilver and Mosambee.

It provides merchant commerce solutions, prepaid card systems and financing services to more than 0.5+ million merchants in 20+ countries. The focus has been on innovation, scalability and omnichannel digital infrastructure.

Pine Labs IPO Details

The Pine Labs Ltd IPO open date is from Nov 07 to Nov 11, with IPO allotment on Nov 12, refund initiation on Nov 13, 2025.

The Rs. 3,899.91 Cr mainline IPO comprises a combination of fresh issue of 9.41 crore shares (Rs. 2080 Cr) and an offer for sale of 8.23 crore shares (Rs. 1819.91 Cr).

The Pine Labs IPO listing date might be on Friday, 14 November 2025, and it will be listed at the BSE and NSE. The Pine Labs IPO price band is Rs. 210 to Rs. 221 for each Share. 

Events	Date
IPO Opening Date	November 07, 2025
IPO Closing Date	November 11, 2025
IPO Allotment Date	November 12, 2025 (Tentative)
Refund Initiation	November 13, 2025 (Tentative)
Tentative IPO Listing Date	November 14, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	10,715.74	9,648.56	9,363.21
Total Income	2,327.09	1,824.16	1,690.44
Profit After Tax	-145.49	-341.90	-265.15
EBITDA	356.72	158.20	196.80
Net Worth	-2,244.27	-2,035.24	-1,764.77
Total Borrowing	829.49	532.92	329.51

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	(950.87)	497.18	(2,290.05)
Net Cash Flow Investing Activities	(220.32)	(1,591.53)	450.44
Net Cash Flow Financing Activities	(248.36)	(2,010.82)	(2,195.07)

 

(Source RHP)

 

 

The Objective of The Issue

• Repayment/prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries. ~ Rs. 532 Cr.

• Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India. ~ Rs. 60 Cr.

• Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs. ~ Rs. 760 Cr.

• General corporate purposes and unidentified inorganic acquisitions.
  
  

Click to check the IPO application status.

Listed Peers of Pine Labs  Ltd.

Particular	EPS (Rs.)	P/E (x)
One97 Communications (Paytm)	-10.35	-110.98
Zaggle Prepaid Ocean Services (Zaggle)	6.99	48.87
Adyen N.V.	3,058.07	46.23
Shopify Inc.	133.45	96.50
Block Inc.	399.50	16.10
Marqeta Inc.	4.25	101.20

 

Valuation

KPI	Values
EBITDA Margin	15.68%

Explore the Orkla India IPO.

IPO's Strengths

• Fintech platform is rapidly expanding, and has a strong merchant network in Asia.

• The company became profitable in FY25 after incurring losses from previous years.

• Revenue is diversified across payments, credit, and gift solutions.

• The company has strong institutional support from Sequoia, Mastercard, Paypal, and Actis.

• The company has a rapidly expanding digital ecosystem driven by digitalisation and participation from retail investors.

 

IPO Weaknesses

• There is a heavy reliance on market and transaction sentiment.

• The company has regulatory and compliance issues in the NBFC and broking segments.

• The competitive ecosystem includes Zerodha, Groww, and Paytm.

• The company's FY24 loss raises concerns about consistency.

 

Pine Labs IPO GMP 

Pine Labs IPO GMP today is Rs. 40 as of 03 Nov 2025, while writing this information.

Pine Labs Limited IPO Summary

IPO Opening & Closing Date	Nov 07, 2025 to Nov 11, 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 210 to Rs. 221
Lot Size	67 Shares
Issue Size	17,64,66,426 Shares (Rs. 3,899.91 Cr)
Offer for Sale	8,23,48,779 Shares (Rs. 1,819.91 Cr)
Fresh Issue	9,41,17,647 Shares (Rs. 2080 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

 

Pine Labs IPO Lot Size

The Pine IPO allows retail investors to invest in a minimum and maximum of 1 Lot (67 Shares) amounting to Rs. 14807 and 13 Lots (871 Shares) amounting to Rs. 192491, respectively, while for S-HNI investors, the minimum Lot is 14 (938 Shares) amounting to Rs. 207298.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Pine Labs IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Pine Labs IPO Allotment Status

To check the Pine Labs IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Pine Labs  Ltd.

The company doesn’t have an identifiable promoter.

Pine Labs IPO Lead Managers

• Axis Capital Limited.

• Morgan Stanley India Company Private Limited.

• J.P. Morgan India Private Limited.

• Jefferies India Private Limited.

• Citigroup Global Markets India Private Limited.

 

Dividend Policy

The company has not paid a dividend in the past three financial years.

Conclusion

Pine Labs IPO is from a growth-oriented fintech company in the process of shifting from private to public markets with substantial fundamentals and a restoration of profitability. While some competitive and regulatory risks remain, the FY25 potential turnaround, digital ecosystem, and institutional trustworthiness will make it a strong long-term investment for investors.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.