Pine Labs was incorporated on May 18, 1998. The company is a tech-driven provider of digital payment and issuing solutions for merchants, brands, and financial institutions in India and global markets. Its cloud-based platforms support secure, simplified, and scalable commerce digitization
| Bidding Dates |
|---|
| 07 Nov 2025 - 11 Nov 2025 |
| Subscription |
|---|
| 2.46x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,070 | 1 | 13 | 67 | 176.5 M | ₹210 - ₹221 | 91.8 % | ₹37057.9 M - ₹38999.1 M | RHP DOC |
Pine Labs IPO SUBSCRIPTION STATUS
11 Nov '25Pine Labs IPO overall subscription rate was 2.46 times the total available shares
Pine Labs IPO retail subscription rate was 1.22 times in the retail segment
Pine Labs IPO non-institutional investor subscription rate was 0.3 times in the non-institutional investor category
Pine Labs IPO Qualified Institutional Bidder subscription rate was 4 times the available shares for Qualified Institutional Bidder
Pine Labs IPO Employees subscription rate was 7.35 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 9.99% | 14.99% | 74.95% | 0.07% |
11 Nov 2025 (Day 3) | 1.22x | 0.3x | 4x | 7.35x |
10 Nov 2025 (Day 2) | 0.87x | 0.12x | 0.64x | 4.9x |
07 Nov 2025 (Day 1) | 0.54x | 0.07x | 0.02x | 2.96x |
Pine Labs FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 615.9 | 4.8 | -281.2 | -316.4 | 19.6% |
| Q1FY25 | 522.4 | -27.9 | -95.1 | -127.8 | 17.3% |
| FY25 | 2,274.3 | -145.5 | 49.7 | -98.7 | 15.7% |
| FY24 | 1,769.5 | -341.9 | -229.0 | -486.0 | 8.9% |
| FY23 | 1,597.7 | -265.1 | -152.4 | -516.6 | 12.32% |
Pine Labs IPO SUBSCRIPTION STATUS DETAILS
Pine Labs had 176.5 M shares on offer
Pine Labs IPO offer price was in the range ₹210 - ₹221
Pine Labs IPO minimum Investment was ₹14070
Pine Labs IPO issue size was ₹ 37057.9 M - ₹ 38999.1 M
Pine Labs had a minimum lot size of 67 Shares per application
Pine Labs NUMBER OF SHARES ON OFFER
Pine Labs IPO IMPORTANT DATES
| Issue Open Date | 07 Nov 2025 |
| Issue close Date | 11 Nov 2025 |
| Allotment Date | 12 Nov 2025 |
| Refund Date | 13 Nov 2025 |
| Demat Account Credit Date | 13 Nov 2025 |
| Listing Date | 14 Nov 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Pine Labs Allotment Status | Exchange/ Registrar |
Pine Labs IPO subscription opened on 07 Nov 2025, and closed on 11 Nov 2025
IPO allotment for Pine Labs was finalized on Wednesday, 12 Nov 2025
IPO listing for Pine Labs was on NSE and BSE on Friday, 14 Nov 2025
Pine Labs IPO LISTING GAINS
| Issue Price (adjusted) | 221.0 |
| Listing Open Price | 242.0 |
| Listing Close Price | 250.9 |
| Listing Gain% | 9.5% |
| Current Gain% | -26.7% |
Pine Labs Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pine Labs Ltd. | 161.9 | 18595 | 146.8 | 0.7 | 6.6 | 1.9 | 0.8 | 2847.2 | 22.3 | 112.5 | 177.3 | 1.1 | 212.8 |
| One97 Communications Ltd. | 1584.1 | 101561.9 | 156.2 | 1.4 | 11.3 | 3.4 | 2.3 | 9291 | 21.9 | 553 | 184 | 10.1 | 114.7 |
| PB Fintech Ltd. | 1630 | 75419.3 | 100.8 | 1 | 10.3 | 9.2 | 7.7 | 7166.4 | 33.1 | 669.9 | 89.8 | 16.2 | 98.3 |
| Affle 3I Ltd. | 1594.5 | 22463.2 | 47 | 2.4 | 7.9 | 12.4 | 10.3 | 2787.6 | 18.1 | 454.9 | 19.1 | 33.9 | 19.2 |
| Amagi Media Labs Ltd. | 647.8 | 14013.4 | 4.1 | 3 | 1570.1 | 28.4 | 71.7 | 204.3 | |||||
| Fractal Analytics Ltd. | 805.6 | 13853.5 | 42.1 | 4 | 9.2 | 6.6 | 3362.6 | 19.4 | 292.2 | 31 | 19.1 |
Pine Labs INFORMATION ON IPO ISSUE
About Pine Labs
Pine Labs was incorporated on May 18, 1998. The company is a tech-driven provider of digital payment and issuing solutions for merchants, brands, and financial institutions in India and global markets. Its cloud-based platforms support secure, simplified, and scalable commerce digitization
Object of the Issue
- Repayment / prepayment, in full or in part, of certain borrowings availed of by the company and certain of their subsidiaries
- Investment in certain of its subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding its presence outside India
- Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points (“DCP”) and technology development initiatives
- General corporate purposes and unidentified inorganic acquisitions
Pine Labs - PROMOTERS
| Name |
|---|
| B. Amrish Rau |
| Kush Mehra |
| Shailendra Jit Singh |
| Amrita Gangotra |
| Maninder Singh Juneja |
| Smita Chandramani Kumar |
Pine Labs - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| B. Amrish Rau | Chairman, Managing Director & Chief Executive Officer |
| Kush Mehra | Executive Director, President & Chief Business Officer |
| Shailendra Jit Singh | Non-Executive Nominee Director |
| Amrita Gangotra | Independent Director |
| Maninder Singh Juneja | Independent Director |
| Smita Chandramani Kumar | Independent Director |
Pine Labs Book Running Lead Manager
Axis Capital Limited
pinelabs.ipo@axiscap.in
Morgan Stanley India Company Private Limited
pinelabs_ipo@morganstanley.com
Citigroup Global Markets India Private Limited
pinelabsipo@citi.com
J.P. Morgan India Private Limited
PINELABS_IPO@jpmorgan.com
Jefferies India Private Limited
pinelabs.ipo@jefferies.com
Pine Labs Registrar to the Offer
KFin Technologies Limited
pinelabs.ipo@kfintech.com
Pine Labs Strengths
Expanding ecosystem
The company connects merchants, brands, financial institutions, and partners through a growing ecosystem that benefits from strong network effects. Increased interactions boost data, efficiency, and monetisation across all participants
Diversified services
The company offers a broad range of services across its digital platforms and was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY24. It also led in digital affordability at DCPs and ranked among the top in in-store platforms and Bharat Connect processing
Technology driven
The company’s cloud-native, API-first tech stack is designed for scale, speed, and security, enabling high transaction volumes and easy integration for ecosystem partners
Pine Labs Risks
Regulatory risks
The company is regulated by the RBI and ReBIT, and any adverse actions or findings by these bodies could impact its business, financial health, and future prospects
Expansion risks
Expanding into new regions may pose challenges due to unfamiliar markets and regulations, potentially leading to high costs or delayed returns, impacting the company’s business and financial performance
Operational risks
Any software errors, system failures, or weak disaster recovery measures could disrupt the company’s services, harming its business operations and reputation
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,819.9 crore, of 82,348,779 shares. It also consists of a fresh issue of Rs 2,080.0 crore.
The promoters of the company are B. Amrish Rau, Kush Mehra, Shailendra Jit Singh, Amrita Gangotra, Maninder Singh Juneja and Smita Chandramani Kumar.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 210.0 - 221.0.
The IPO application opens on Nov 07, 2025 and closes on Nov 11, 2025.
The minimum lot size for the IPO is 67. The maximum lot size for the IPO is 871.
For all category investors, the minimum application amount for this IPO is Rs. 14,070.0, the maximum value for this IPO is Rs 192,491.0.
This IPO will be allotted on Nov 12, 2025.
The refund will be credited to your account on Nov 13, 2025.
The allotted shares will be credited to your demat on Nov 13, 2025.
Pine Labs Ltd.’s shares listed on the stock exchanges on Nov 14, 2025.