Pine Labs Limited IPO

Pine Labs Limited IPO

Mainboard NSE & BSE 100% Book Built Offer
Closed

Price Band

₹210 - ₹221

Total Issue

₹3,899.91 Cr

Bid Dates

07 Nov - 11 Nov

Subscription

2.46x

Est. GMP

₹1 (0.45%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

Pine Labs is a technology-driven enterprise focused on digitizing commerce through advanced digital payment and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Operating across India, Malaysia, the UAE, Singapore, Australia, the U.S., and Africa, it offers two key platforms the Digital Infrastructure and Transaction Platform, enabling seamless payment acceptance, affordability solutions, and value-added services; and the Issuing and Acquiring Platform, empowering businesses to issue and manage prepaid, credit, debit, and loyalty solutions. Its API-enabled infrastructure supports end-to-end lifecycle management for financial institutions without assuming consumer credit risk.

Lot Info

Lot Information for Pine Labs IPO
Category Lots Shares Amount
Retail (Min) 1 67 ₹14,807
Retail (Max) 13 871 ₹1,92,491
S-HNI (Min) 14 938 ₹2,07,298
S-HNI (Max) 67 4,489 ₹9,92,069
B-HNI (Min) 68 4,556 ₹10,06,876

Category Reservation

QIB 50%
NII 15%
Ret 35%
Employee
Rs. 2.5 Cr

Issue Size

Total ₹3,899.91 Cr
Fresh Issue
₹2,080.00 Cr (9.41 Cr Shares)
Offer For Sale
₹1,819.91 Cr (8.23 Cr Shares)

Objects of Issue

  1. Repayment or prepayment of borrowings by the Company & its subsidiaries
  2. Investment in subsidiaries Qwikcilver Singapore, Pine Payment Solutions Malaysia, & Pine Labs UAE to expand overseas presence.
  3. Investment in IT assets, cloud infrastructure, digital check-out systems, & technology development.
  4. General corporate purposes & unidentified inorganic acquisitions

Grey Market Premium

GMP ₹1
Est. Price ₹222
Est. Gain 0.45%

Pine Labs IPO Peer Comparison

(Rs. in crores)

Pine Labs IPO Peer Comparison Table
Particulars Pine Labs Paytm Zaggle
Revenue from Ops (as per RHP) 2,274.27 6,900.00 1,303.76
EPS - Basic -1.45 -10.35 6.99
NAV per share -22.43 235.54 99.25
RONW -4.15% -4.69% 9.64%
EBITDA 15.68% -10.00% 9.46%
Price to earning (PE) NA -110.98 48.87
  • All information pertains to FY 2024-25.
  • The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 1, 2025 for Peers

Financial Performance

(Rs. in crores)

Financial Performance Metrics for Pine Labs IPO
Particulars June-25 Mar-25 Mar-24 Mar-23
Revenue from Operations 615.91 2,274.27 1,769.55 1,597.66
Profit after Tax 4.79 -145.49 -341.90 -265.15
Net Worth 2,327.55 -2,244.27 -2,035.24 -1,764.77
Total Borrowing 888.74 829.49 532.92 329.51
Total Assets 10,904.32 10,715.74 9,648.56 9,363.21
NAV per share (in ₹) 22.69 -22.43 -20.61 -17.95
EPS - Basic (in ₹) 0.05 -1.45 -3.46 -2.70

KPIs

EBITDA

15.68%

No. of Merchants

9,54,420

No. of Transactions

5.68 Billions

PE Ratio

NA

PB Ratio

NA

Price to Sales

11.15

Mkt Cap (in Crs.)

25,376.65

  • All the data pertains to FY 2024-25.
  • PE, PB, and market capitalization are calculated based on the Upper Price Band.

Shareholding

Promoter

0.00%

Public

100.00%

Management

B. Amrish Rau Chairman, MD & CEO
Kush Mehra CBO
Sameer Kamath CFO

Registrar & Lead Managers

Registrar

KFin Technologies

KFin Technologies

Subscription Status

Updated as on 11-Nov-2025 19:00:00

Mainboard Subscription Status for Pine Labs IPO
Category Sub (x) Offered Bids
QIB 3.97 5,29,05,992 20,97,92,544
NII 0.30 2,64,52,996 80,30,754
bHNI 0.25 1,76,35,330 43,66,323
sHNI 0.42 88,17,665 36,64,431
Retail 1.26 1,76,35,330 2,21,42,830
Employee 7.78 1,25,000 9,72,706
Total 2.48 9,71,19,317 24,09,38,834

Frequently Asked Questions

What is Pine Labs IPO?
Pine Labs IPO is a Mainboard IPO having an issue size of ₹3,899.91 Crs. Pine Labs IPO is priced at ₹210 - ₹221 per share. The issue opens on 07 Nov 25 and closes on 11 Nov 25.
When will Pine Labs IPO open?
Pine Labs IPO opens on 07 Nov 25 and closes on 11 Nov 25.
What is the GMP of Pine Labs IPO?
The estimated Grey Market Premium of Pine Labs IPO is ₹1 per share (0.45%).
What is the lot size of Pine Labs IPO?
The minimum lot size of Pine Labs IPO is 67 shares & the minimum application amount is Rs. 14807.
When is the allotment of Pine Labs IPO?
The allotment date of Pine Labs IPO is 12 Nov 25.
What is the listing date of Pine Labs IPO?
The listing date of Pine Labs IPO is 14 Nov 25.
What is the subscription of Pine Labs IPO?
Pine Labs IPO is subscribed 2.46 times.
What is the price band of Pine Labs IPO?
Pine Labs IPO is priced at ₹210 - ₹221 per share.
How to check allotment status of Pine Labs IPO?
Click the allotment link on Pine Labs IPO page of IPO360.
How to apply Pine Labs IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Pine Labs IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Pine Labs IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Pine Labs IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date