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Pine Labs IPO
2.46xsubscribed

Pine Labs IPO

Finance - Others
listed
₹14,070Min. investment

Pine Labs Limited IPO Details

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 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

As on 07-Nov-25, 5:30 PM

Pine Labs IPO Timeline

  1. Pre-apply
    6 Nov 2025
  2. Bid start
    7 Nov 2025
  3. Bid end
    11 Nov 2025
  4. Allotment
    12 Nov 2025
  5. Release of funds
    13 Nov 2025
  6. Demat transfer
    13 Nov 2025
  7. Listing
    14 Nov 2025

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.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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+.

Objectives of Pine Labs Limited IPO

General corporate purposes
35.20%
Part of the IPO proceeds will be used for general corporate purposes and unidentified acquisitions
Repayment of loans
25.50%
₹532 crore for repaying borrowings.
Procurement of DCPs and technology development
25.40%
₹430 crore for DCPs procurement and ₹100 crore for technology development.
Investment in IT assets
11.05%
₹230 crore for IT assets and cloud infrastructure.
Investment in subsidiaries
2.80%
₹60 crore for investing in three subsidiaries to expand internationally.

Compare

CompanyRevenue*3Y growthPATMarket capD/E ratio
This IPO₹2,274.2Cr19.31%-₹145.49Cr₹25,376Cr0.24
This sector (avg.)₹2,201.91Cr0.04%₹158.94Cr₹15,153.53Cr0.72
₹3,142.32Cr---₹1,317.06Cr₹1,13,921.6Cr0
₹47,776.13Cr---₹406.76Cr₹55,687.72Cr0.27
₹3,295.09Cr---₹1,015.3Cr₹45,999.49Cr1.58

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Pine Labs IPO Contact Details

Company NamePine Labs Limited

How to apply for Pine Labs IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Pine Labs Limited IPO FAQs

Investors can apply for the Pine Labs IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Pine Labs IPO is 3899 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Pine Labs IPO will be open between 2025-11-07 and 2025-11-11.
Pine Labs IPO allotment date is 2025-11-13. For Pine Labs IPO allotment status check, you can visit the website of the registrar of the IPO.
For Pine Labs IPO, the IPO registrar is KFin Technologies Limited. You can check Pine Labs IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Pine Labs IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Pine Labs IPO lot size is 67 and minimum order quantity is 67.
Pine Labs IPO has set the price band for its IPO at 221 per equity share with a face value of 1.