In November 2025, India’s IPO market welcomes one of the most anticipated fintech listings of the year, Pine Labs Ltd. The company, known for transforming India’s digital payment landscape, is launching its public issue on November 7, 2025, to fuel future growth, strengthen its balance sheet, and expand globally.
Here’s a complete overview of Pine Labs Ltd., its IPO details, financial performance, and industry outlook.
About Pine Labs Ltd.
Incorporated in 1998, Pine Labs Limited is a leading merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services.
Pine Labs enables merchants from small retailers to large enterprises to accept payments through multiple channels and enhance customer engagement through value-added services.
Key Offerings:
- Smart POS Devices: Accepts credit/debit cards, UPI, mobile wallets, and EMIs.
- Buy Now Pay Later (BNPL): Instant EMI options at the point of sale.
- Merchant Financing: Short-term working capital loans through financial partners.
- Loyalty and Gift Solutions: Digital gift cards, loyalty programs, and promotions.
- E-commerce & Online Payment Tools: Payment gateway and APIs for online stores.
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands, and 177 financial institutions in its ecosystem. Pine Labs’ customer portfolio includes top consumer brands such as Amazon Pay, LG Electronics, Flipkart, and Redington, along with major financial partners like HDFC Bank, Axis Bank, and ICICI Bank.
Over the years, Pine Labs has evolved from a card-based payment provider to a comprehensive fintech platform, enabling India’s transition toward a cashless and digital-first economy.
Pine Labs IPO Details
| IPO Date | November 7, 2025, to November 11, 2025 |
| 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 |
| Lead Manager | Axis Capital Ltd. |
| Registrar | Kfin Technologies Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | November 7, 2025 |
| IPO Close Date | November 11, 2025 |
| Allotment Date (Tentative) | November 12, 2025 |
| Initiation of Refunds | November 13, 2025 |
| Credit of Shares to Demat | November 13, 2025 |
| Listing Date (Tentative) | November 14, 2025 |
| Cut-off time for UPI Mandate Confirmation | 5 PM on November 11, 2025 |
Pine Labs IPO Reservation
| Investor Category | Shares Offered |
| QIB | At least 75% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
Pine Labs IPO Lot Size
| 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 Ltd. Financials
Pine Labs Ltd. Financial Information (Restated Consolidated)
| 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 |
Key Performance Indicators (KPI)
| KPI | Values |
| RoNW | -4.15% |
| EBITDA Margin | 15.68% |
| Price to Book Value | -9.85 |
| Market Cap | 25376.65 |
| EPS (Rs) (Pre-IPO) | -1.38 |
| EPS (Rs) (Post-IPO) | 0.17 |
| P/E (x) (Pre-IPO) | -160.13 |
| P/E (x) (Post-IPO) | 1325.57 |
Objects of the Issue
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company and its Subsidiaries | 532.00 |
| 2 | Investment in Subsidiaries (Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE) to expand global presence | 60.00 |
| 3 | Investment in IT assets, cloud infrastructure, technology development initiatives, and procurement of DCPs | 760.00 |
| 4 | General corporate purposes and unidentified inorganic acquisitions | Balance |
Pine Labs Ltd.: Industry Outlook
- India’s digital payments ecosystem continues to grow at a rapid pace, driven by rising UPI adoption, increased smartphone penetration, and consumer preference for seamless payment options.
- Fintech and POS platforms like Pine Labs are expected to benefit from expanding merchant networks and value-added digital services.
- The company’s diversified offerings, from POS terminals to BNPL and merchant lending, position it well to capture opportunities in both domestic and international markets.
- With ongoing expansion into Southeast Asia and the Middle East, Pine Labs aims to strengthen its global footprint and revenue mix.
Pine Labs IPO: Peer Comparison
Pine Labs IPO can be compared with peers like Paytm (One97 Communications Ltd), PhonePe (Walmart-owned), Razorpay, BillDesk, and MobiKwik Systems Ltd. Reviewing these companies helps investors gauge Pine Labs’ position in India’s rapidly growing digital payments and fintech ecosystem, providing insights into its valuation, market reach, and growth potential within the financial technology sector.
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Conclusion
Pine Labs Ltd. represents one of India’s most prominent fintech IPOs, blending a strong merchant ecosystem, technological capability, and expansion strategy.
The company’s growth in revenues and ecosystem partnerships reflects its position as a leader in the merchant commerce segment. However, potential investors should note that Pine Labs is still in the profitability transition stage, having reported losses in previous years, and operates in a competitive and evolving fintech environment.
For investors seeking exposure to India’s growing digital payments story and long-term fintech growth, the Pine Labs IPO could be a compelling consideration.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
