Pine Labs Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹210 - ₹221
- Lot size
- 67 shares
- Issue amount
- ₹3,899.91 cr
- Total subscription
- 2.48×
- Opens
- 7 Nov 2025
- Closes
- 11 Nov 2025
- Allotment
- 12 Nov 2025
- Listing
- 14 Nov 2025
Offer at a glance
Issue overview
- Issue size
- 17,64,66,426 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹14,070
- Fresh issue
- ₹2,080 cr
- Offer for sale
- ₹1,819.91 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,807
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,05,41,46,853
- Shares after issue
- 1,14,82,64,500
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 67 | ₹14,807 |
| sHNI | 14 | 938 | ₹2,07,298 |
| bHNI | 68 | 4,556 | ₹10,06,876 |
Share reservation
Subscription & GMP
Subscription by category
Reported 11 Nov 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,63,196 | 2,25,651 |
| EMPLOYEES | 0 | 6,195 |
| HNIs(10L +) | 18,800 | 599 |
| HNIs (2-10L) | 9,400 | 3,156 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 1,169.03 | 4,636.42 |
| FIIs | 0 | 1,921.21 |
| FIs | 0 | 295.41 |
| Mutual Funds | 0 | 2,397.06 |
| Others | 0 | 22.73 |
| RETAIL | 389.71 | 489.36 |
| NIB | 584.57 | 177.48 |
| HNIs 2+ | 194.86 | 80.98 |
| HNIs 10+ | 389.71 | 96.5 |
| EMPLOYEES | 2.76 | 21.5 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0.05 | -1.45 | -3.46 | -2.7 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 | 0 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | -160.13 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Pine Labs Limited | 0 | 0 | 1.00 | -22.43 | -4.15 | -1.45 |
| One97 Communications Limited (“Paytm”) | -110.98 | 0 | 1.00 | 235.54 | -4.69 | -10.35 |
| Zaggle Prepaid Ocean Services Limited (“Zaggle”) | 48.87 | 0 | 1.00 | 99.25 | 9.64 | 6.99 |
| Adyen N.V. | 46.23 | 0 | 0 | 13,987.40 | 25.06 | 3,058.07 |
| Shopify Inc. | 96.50 | 0 | 0 | 761.60 | 19.58 | 133.45 |
| Block Inc. | 16.10 | 0 | 0 | 2,925.70 | 14.51 | 399.50 |
| Marqeta Inc. | 101.20 | 0 | 0 | 180.20 | 2.34 | 4.25 |
Company information
Company profile
Founded in 1998 and headquartered in Noida, Pine Labs is a leading Indian merchant commerce platform that offers POS solutions, payment processing, and merchant financing services. It helps businesses of all sizes—from small retailers to large enterprises—adopt digital payment technologies and enhance customer experiences. The company’s offerings include smart POS devices that accept multiple payment modes, Buy Now Pay Later (BNPL) options, short-term financing for merchants, loyalty and gift solutions, and online payment tools for e-commerce platforms. As of December 31, 2024, Pine Labs served over 9 lakh merchants and worked with major brands like Amazon Pay, LG Electronics, Flipkart, and banks such as HDFC, Axis, and ICICI. Over the years, Pine Labs has grown from a simple card payment provider into a comprehensive fintech platform driving India’s cashless retail transformation.
Strengths
- Integrated Fintech Network: Unified ecosystem connecting merchants, brands, and financial partners for smooth digital transactions.
- Advanced Cloud Infrastructure: Secure, scalable platform designed to handle large transaction volumes efficiently.
- Robust Partner Ecosystem: Strong alliances with leading merchants and financial institutions driving consistent growth and customer retention.
Risk factors
- Sustained Financial Losses: The company has incurred significant losses in recent years, raising concerns about near-term profitability.
- Liquidity Concerns: Negative operating cash flows indicate potential pressure on liquidity if the trend continues.
- Customer Concentration Risk: Dependence on retaining key merchants and clients makes the business vulnerable to revenue fluctuations.
Registrar & documents
Lead manager
Axis Capital Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited, Morgan Stanley India Company Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE Gurgaon, Haryana, 122002
+91 22 6986 3600
[email protected]Company website ↗Understanding PINELABS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.