Pine Labs IPO

2.46x

subscribed

Pine Labs IPO

Finance - Others
listed
₹14,070Min. investment
  1. Pre-apply
    6 Nov
  2. Bid start
    7 Nov
  3. Bid end
    11 Nov
  4. Allotment
    12 Nov
  5. Release of funds
    13 Nov
  6. Demat transfer
    13 Nov
  7. Listing
    14 Nov

About Pine Labs Limited

SectorFinance - Others
Price range₹210 – ₹221
IPO type
Regular
Lot size67 shares
Issue size₹3,899Cr
Red Herring Prospectus
Read
Market Cap
₹25,376CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹2,274.2CrHigher than sector avg
Growth rate3Y CAGR
19.31%Higher than sector avg

Pine Labs Limited IPO Overview

Pine Labs Limited IPO date

Pine Labs Limited IPO will open for subscription on November 07, 2025, and the closing date for the IPO is November 11, 2025. After this, investors are expected to be updated about the allotment status on November 12, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on November 13, 2025. The shares will be listed on the NSE and the BSE on Friday, November 14, 2025.

Pine Labs Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹210 to ₹221 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore.

Pine Labs Limited's IPO listing price will be determined on November 12, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Pine Labs Limited IPO lot size

Pine Labs Limited IPO details have been declared. The minimum lot size for an application is 67 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹3,899.91 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹2,274.2Cr
This sector
₹2,201.91Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
19.31%
This sector
0.04%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
-₹145.49Cr
This sector
₹158.94Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹25,376Cr
This sector
₹15,153.53Cr
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.24
This sector
0.72
Compare with companies

Objectives

General corporate purposes
35.20%
Repayment of loans
25.50%
Procurement of DCPs and technology development
25.40%
Investment in IT assets
11.05%
Investment in subsidiaries
2.80%

Strength and Weakness

Diversified ecosystem

Pine Labs has built a comprehensive ecosystem connecting over 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions as of June 30, 2025. As the ecosystem grows, more participants and transactions generate higher payment volumes and data insights that enhance processes and attract further engagement.

Long-term partnerships across verticals

Pine Labs has long-standing relationships with marquee brands such as Croma and HDFC Bank, alongside a presence across sectors including retail, e-commerce, electronics, healthcare, travel, and fintech. These multi-product engagements span across affordability solutions, issuing capabilities, billing integrations, and loyalty programs. The company has maintained over 10 years of relationships with some of its customers.

Cloud-based, flexible and scalable technology platform

The company’s cloud-native and API-driven platform ensures scalability, interoperability, and high availability, maintaining 99.93% uptime for payments and 99.99% for prepaid issuing from FY23-FY25. It processed transactions across 16 countries and issued 71.29 crore prepaid cards in FY25. Its technology platform has plug-and-play integration capabilities to facilitate an ever-expanding set of capabilities in its ecosystem.

Continuous innovation and strategic acquisitions

Pine Labs has continuously launched new solutions such as Plutus, affordability offerings, and omni-channel payment systems driven by its flexible technology stack. It has complemented its new solutions and features with key acquisitions such as Qwikcilver, Mosambee, Qfix, Setu, and Credit+.

About Pine Labs Limited

Pine Labs Limited is a leading commerce and financial technology company focused on digitising payments through point-of-sale (POS) solutions, issuing solutions for merchants, consumer brands, and financial institutions.
The company’s ecosystem powers digital transactions, prepaid card issuance, and fintech solutions across India and international markets, including Malaysia, the UAE, Singapore, Australia, the U.S., and Africa. Pine Labs makes revenue through a combination of transaction-based fees from processing payments and subscription and service fees for its software and related services.
Pine Labs operates through two main verticals: Digital Infrastructure and transaction platform, and the issuing and acquiring platform. Digital Infrastructure and Transaction Platform offers affordability programs, in-store and online payment options, and value-added services like transaction processing and dynamic currency conversion. Involves issuance, processing, and management of credit, debit, prepaid, and forex cards for financial institutions and consumer brands.
The company processed 568 crore transactions through its platforms and ₹11,42,497 crore in gross transaction value as of June 30, 2025. With 177 financial institutions, 716 consumer brands and enterprises, and 988,304 merchants, it boasts a vast ecosystem that has grown by 61% in brands and nearly 86% in merchants since FY23. With operations spanning 16 countries through 28 issuer partners, its technology made it possible to issue over 71.29 crore prepaid cards and operate over 0.18 crore digital checkout points (DCPs).
The company’s ecosystem integrates multiple constituents, including merchants, brands, lenders, and consumers. Its affordability solutions connect 40 credit partners and over 400 consumer brands, which offer customers flexible financing and immediate cashback choices at the point of sale.
Pine Labs also provides more than 330 business software applications through its app marketplace, which lets retailers digitise processes like inventory control, loyalty management, and billing. It had issued more than 367 crore prepaid cards for businesses and consumer brands overall as of June 30, 2025.
The company is the largest player in the issuance of closed and semi-closed loop gift cards by transaction value in FY25. It was also a leading provider of Bharat Connect transaction processing solutions, one of the top five in-store digital platforms, and the largest enabler of digital affordability solutions at digital checkout points in terms of total processed value in FY25.
Driven by a cloud-native and API-first technology platform, Pine Labs has achieved 99.93% uptime for payments, and its Issuing and Acquiring Platform for Prepaid solutions has achieved 99.99% uptime. Over the past decade, Pine Labs has expanded organically and through acquisitions such as Qwikcilver (Pine Labs Prepaid), Mosambee, QFix, Setu, and Credit+, which have strengthened its technology and expanded its reach to small and medium-sized merchants.
The total payment value is estimated to reach ₹256-276 lakh crore by FY29 at a CAGR of 22-24% and the number of DCPs is expected to grow from 1.11 crore in FY5 to 2-2.1 crore by FY29. In FY25, the company was the market leader in terms of transaction value processed, within the DCP-based pay-later landscape in India, which enables it to take advantage of this increasing demand.
Additionally, the prepaid cards market in India is underpenetrated, with approximately 0.2 cards per capita compared to approximately 4.1 cards per capita in the USA. It is expected to grow at a CAGR of 26% by FY28, and Pine Labs, being the largest player in closed and semi-closed loop gift card issuances in India, is set to benefit from this growth.
The company aims to invest in scaling its existing offerings, expanding its distribution and innovating and evolving its offerings. Additionally, it continues to focus on investments in IT assets, cloud infrastructure and funding technological development initiatives along with widening its ecosystem network.
Now, Pine Labs Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. The total issue size of the IPO is ₹3,899.91 crore. Its shares will be listed on the NSE and BSE.

IPO Subscription Status

Date
QIB
NII
Retail
Total
07-Nov-25
0.02 times (X)
0.07 times (X)
0.56 times (X)
0.13 times (X)
10-Nov-25
0.18X
0.12X
0.89X
0.54X
11-Nov-25
0.94X
0.29X
1.22X
2.46X

Latest News on IPO

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Pine Labs IPO date: The initial share sale comprises a fresh issuance of shares valued at ₹2,080 crore and an offer for sale (OFS) component of ₹1,819.9 crore.

3 min read

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Pine Labs IPO: The initial share sale consists of new equity shares worth ₹2,600 crore and an offer for sale (OFS) component of 147,822,225 shares.

2 min read

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Pine Labs IPO: The ₹3,899.91 crore initial share sale comprises a fresh issue of shares valued at ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares aggregating to ₹1,819.91 crore.

3 min read

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Pine Labs IPO: The ₹3,899.91 crore initial share sale, which will end on November 11, has set a price band of ₹210 to ₹221 per share. The lot size for an application is 67 shares.

3 min read

news logo
Pine Labs IPO is looking to raise ₹3,899.91 crore by offering new equity shares valued at ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore by existing investors.

3 min read

news logo
Pine Labs IPO allotment status: The company aimed to raise ₹3,899.91 crore via a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. With a price band of ₹210 to ₹221 per equity share, a lot consisted of 67 shares.

4 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Pine Labs IPO ?

The issue size of the Pine Labs IPO is 3899 Cr.

What is 'pre-apply' for Pine Labs IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Pine Labs IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.