Pine Labs IPO is a book build issue of ₹3,899.91 crores. The issue is a combination of fresh issue of 9.41 crore shares aggregating to ₹2,080.00 crores and offer for sale of 8.23 crore shares aggregating to ₹1,819.91 crores.
Pine Labs IPO opens for subscription on Nov 7, 2025 and closes on Nov 11, 2025. The allotment for the Pine Labs IPO is expected to be finalized on Nov 12, 2025. Pine Labs IPO will list on BSE, NSE with a tentative listing date fixed as Nov 14, 2025.
Pine Labs IPO price band is set at ₹210.00 to ₹221.00 per share . The lot size for an application is 67. The minimum amount of investment required by an retail is ₹14,807 (67 shares) (based on upper price). The lot size investment for sNII is 14 lots (938 shares), amounting to ₹2,07,298, and for bNII, it is 68 lots (4,556 shares), amounting to ₹10,06,876.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Pine Labs IPO RHP for detailed Information.
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| IPO Date | November 7, 2025 to November 11, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹210 to ₹221 per share |
| Lot Size | 67 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 17,64,66,426 shares (aggregating up to ₹3,899.91 Cr) |
| Fresh Issue | 9,41,17,647 shares (aggregating up to ₹2,080.00 Cr) |
| Offer for Sale | 8,23,48,779 shares of ₹1 (aggregating up to ₹1,819.91 Cr) |
| Employee Discount | ₹21.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,05,41,46,853 shares |
| Share Holding Post Issue | 1,14,82,64,500 shares |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | At least 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Pine Labs IPO opens on November 7, 2025, and closes on November 11, 2025.
| IPO Open Date | Fri, Nov 7, 2025 |
| IPO Close Date | Tue, Nov 11, 2025 |
| Tentative Allotment | Wed, Nov 12, 2025 |
| Initiation of Refunds | Thu, Nov 13, 2025 |
| Credit of Shares to Demat | Thu, Nov 13, 2025 |
| Tentative Listing Date | Fri, Nov 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Nov 11, 2025 |
Investors can bid for a minimum of 67 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | 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 |
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes—from small retailers to large enterprises—with digital payment technologies and value-added services.
Key Offerings:
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It has served top consumer brands, including Amazon Pay, LG Electronics, Flipkart Internet Private Limited and Redington. Under the financial institutions, its key customer base includes HDFC Bank, Axis Bank and ICICI Bank.
Pine Labs has evolved from a card-based payment solution provider to a comprehensive fintech platform, playing a key role in India's shift to a cashless, digitally empowered retail economy.
Competitive strengths
Pine Labs Ltd.'s revenue increased by 28% and profit after tax (PAT) rose by 57% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| Total Income | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| Profit After Tax | 4.79 | -145.49 | -341.90 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.20 | 196.80 |
| NET Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| RoNW | -4.15% |
| EBITDA Margin | 15.68% |
| Price to Book Value | -9.85 |
| Market Capitalization | 25376.65 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.38 | 0.17 |
| P/E (x) | -160.13 | 1325.57 |
The Company Pine Labs IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | 532.00 |
| 2 | Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | 60.00 |
| 3 | Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | 760.00 |
| 4 | General corporate purposes and unidentified inorganic acquisitions |
[Dilip Davda] PLL is engaged in providing digital payments and related solutions across the e-commerce platform. The company has posted growth in its top lines for the reported periods till FY25, but incurred losses. Its only for Q1 of FY26, it turned the corner. Considering digital India move by the Government, PLL is poised for bright prospects ahead in the long run. Thus, it’s a pure long term story. Based on its recent financial data, the issue appears aggressively priced. Only well-informed/risk seekers/ cash surplus investors may park moderate funds for long term. Read detail review...
Pine Labs Ltd.
Unit No. 408,
4th Floor, Time Tower,
MG Road, DLF QE
Gurgaon, Haryana, 122002
Phone: +91 22 6986 3600
Email: cosecy@pinelabs.com
Website: http://www.pinelabs.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/
Pine Labs IPO is a main-board IPO of 17,64,66,426 equity shares of the face value of ₹1 aggregating up to ₹3,899.91 Crores. The issue is priced at . The minimum order quantity is 67.
The IPO opens on November 7, 2025, and closes on November 11, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Pine Labs IPO using UPI as a payment gateway. Zerodha customers can apply in Pine Labs IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Pine Labs IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Pine Labs IPO opens on November 7, 2025 and closes on November 11, 2025.
Pine Labs IPO lot size is 67, and the minimum amount required for application is ₹14,807.
You can apply in Pine Labs IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Pine Labs IPO will be done on Wednesday, November 12, 2025, and the allotted shares will be credited to your demat account by Thursday, November 13, 2025. Check the Pine Labs IPO allotment status.
The Pine Labs IPO listing date is not yet announced. The tentative date of Pine Labs IPO listing is Friday, November 14, 2025.
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