Bookbuilding IPO | ₹3,900 Cr | Listed at BSE, NSE | Fri, Nov 7, 2025 - Tue, Nov 11, 2025
Pine Labs IPO is a book build issue of ₹3,900.17 crores. The issue is a combination of fresh issue of 9.41 crore shares aggregating to ₹2,080.26 crores and offer for sale of 8.23 crore shares aggregating to ₹1,819.91 crores.
Pine Labs IPO bidding started from Nov 7, 2025 and ended on Nov 11, 2025. The allotment for Pine Labs IPO was finalized on Nov 12, 2025. The shares got listed on BSE, NSE on Nov 14, 2025.
Pine Labs IPO price band is set at ₹221 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.
The issue includes a reservation of up to 1,25,000 shares for employees offered at a discount of ₹21.00 to the issue price.
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.
IPO Open
Fri, Nov 7, 2025
IPO Close
Tue, Nov 11, 2025
Issue Price
₹221 per share
Market Cap (Pre-IPO)
₹25,376.65 Cr
| IPO Date | 7 to 11 Nov, 2025 |
| Listed on | Fri, Nov 14, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹210 to ₹221 |
| Issue Price | ₹221 per share |
| Lot Size | 67 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹21.00 |
| Total Issue Size | 17,64,78,303 shares (agg. up to ₹3,900 Cr) |
| Fresh Issue | 9,41,29,524 shares (agg. up to ₹2,080 Cr) |
| Offer for Sale | 8,23,48,779 shares of ₹1 (agg. up to ₹1,820 Cr) |
| Share Holding Pre Issue | 1,05,41,46,853 shares |
| Share Holding Post Issue | 1,14,82,76,377 shares |
| BSE Script Code / NSE Symbol | 544606 / PINELABS |
| ISIN | INE15B701018 |
Pine Labs IPO comprises a total issue size of 17,64,78,303 shares. The net offer to the public is 17,63,53,303 shares, after excluding 1,25,000 shares under a preferential allotment. Of the Net offer 13,22,64,978 (75.00%) are allocated to QIB, 2,64,52,995 (15.00%) allocated to NII 1,76,35,330 (10.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 13,22,64,978 | 75.00% | 74.95% | NA |
| − Anchor Investor Shares Offered | 7,93,58,986 | 44.97% | NA | |
| − QIB (Ex. Anchor) Shares Offered | 5,29,05,992 | 29.98% | NA | |
| NII (HNI) Shares Offered | 2,64,52,995 | 15.00% | 14.99% | NA |
| − bNII > ₹10L | 1,76,35,330 | 9.99% | 18,800 | |
| − sNII < ₹10L | 88,17,665 | 5.00% | 9,400 | |
| Retail Shares Offered | 1,76,35,330 | 10.00% | 9.99% | 2,63,213 |
| Preferential Reservations | ||||
| Employee Shares Offered | 1,25,000 | 0.07% | NA | |
| Total Shares Offered | 17,64,78,303 | 100.00% | 100.00% | |
Investors can bid for a minimum of 67 shares and in multiples thereof.
| 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 |
Pine Labs IPO raises ₹1,753.83 crore from anchor investors. Pine Labs IPO Anchor bid date is November 6, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Nov 6, 2025 |
| Shares Offered | 7,93,58,986 |
| Anchor Portion (₹ Cr.) | 1,753.83 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Dec 11, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Feb 9, 2026 |
| Category | Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII 'OR' NII limits | Yes (EMP/RII) |
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
| 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 | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 626.33 |
| KPI | Mar 31, 2025 |
|---|---|
| RoNW | -4.15% |
| EBITDA Margin | 15.68% |
| Price to Book Value | -9.85 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | -1.38 | 0.17 |
| P/E (x) | -160.13 | 1325.57 |
| Promoter Holding | 0% | 0% |
| Market Cap | ₹25,376.65 Cr. |
The Pine Labs IPO IPO subscription status. Full data available on IPOMatrix.com.
| Category | Subscription (times) | Shares Offered | Shares bid for | |
|---|---|---|---|---|
| Total | 1.81 | 17,64,78,303 | 31,99,78,064 | |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 103.54 |
| 2 | Commission/ processing fee for SCSBs and Bankers to the Offer and fees payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 4.20 |
| 3 | Fees payable to Independent Chartered Accountant | 0.28 |
| 4 | Fees payable to Industry expert | 2.36 |
| 5 | Fee payable to legal counsel | 12.90 |
| 6 | Fees payable to others (Offer-related parties) | 20.90 |
| 7 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 13.87 |
| 8 | Printing and stationery | 0.96 |
| 9 | Advertising and marketing expenses | 13.98 |
| 10 | Miscellaneous | 21.02 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹221.00 | ₹221.00 |
| Open | ₹242.00 | ₹242.00 |
| Low | ₹234.05 | ₹234.17 |
| High | ₹283.70 | ₹284.00 |
| Last Trade | ₹251.30 | ₹250.89 |
Pine Labs IPO is a main-board IPO of 17,64,78,303 equity shares of the face value of ₹1 aggregating up to ₹3,900 Crores. The issue is priced at ₹221 per share. The minimum order quantity is 67.
The IPO opens on Fri, Nov 7, 2025, and closes on Tue, Nov 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 Fri, Nov 7, 2025 and closes on Tue, Nov 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 Thu, Nov 13, 2025. Check the Pine Labs IPO allotment status.
The Pine Labs IPO listing date is on Fri, Nov 14, 2025.
