Pine Labs IPO

Introduction

Pine Labs, a leading merchant commerce and fintech solutions provider, is opening its IPO for public subscription from November 7–11, 2025. With roots dating back to 1998, Pine Labs powers digital payments and business intelligence for over 915,000 merchants in India and several global markets. The IPO is set to be a landmark event for technology investors, reflecting the transformation of India’s retail and payment ecosystem.

Pine Labs IPO Highlights

• Issue Size: ₹3,899.91 crore (Fresh issue: ₹2,080 crore; Offer for Sale: ₹1,819.91 crore)
• Price Band: ₹210–₹221 per share
• Lot Size: 67 shares (minimum investment: ₹14,807 at upper band)
• Subscription Dates: Nov 7–11, 2025 (Listing: Nov 14, 2025, BSE & NSE)
• Anchor Bidding: Nov 6, 2025
• Prominent Investors Selling in OFS: Peak XV Partners, Actis, Mastercard, PayPal, Temasek, Madison, Invesco, Sofina Ventures, Lone Cascade LP, Lokvir Kapoor (co-founder).
• Employee Discount: ₹21 per share within the reserved quota.
• Retail Quota: 10% | QIB: 75% | NII: 15%
• Use of Funds: Debt repayment, global expansion, tech upgrades, cloud infra, procurement of digital checkout points, and general corporate purposes. ​

About Pine Labs

Pine Labs delivers omnichannel payment technology: secure PoS terminals, UPI soundbox devices, dynamic currency conversion, gift cards, online payments, business analytics, EMI, and value-added retail services. Its solutions integrate payment, loyalty, and finance into a unified stack. With processed gross transaction value of ₹7.53 lakh crore in nine months of FY25 and a strong international footprint, Pine Labs is both a local innovator and global contender.

• Global Reach: Serving Southeast Asia, Australia, UAE, US, and Africa
• Tech & Data Focus: Growth suite for analytics, targeted marketing, business dashboards
• Employees: ~1,500 (FY25)
• Clients: Kirana stores, retail chains, restaurants, fuel stations, pharmacies, consumer brands

Company Financials :-

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

Objects of the Issue 

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	-

Highlights:-

• Consistent Transaction Growth: Relying on deep merchant adoption and third-party partnerships.
• Expansion & Acquisitions: Recent investments in Qwikcilver (gifting tech) and Fave (cash-back platform SEA).
• Redomicile: Moved HQ base from Singapore to India ahead of IPO.
• Strong Funding History: Backed by global leaders like PayPal, Temasek, and Mastercard.

Competitive Strengths

• India’s top-tier commerce digitization player with diversified solutions spanning PoS, e-payments, and analytics.
• Huge installed merchant base and omnichannel service model.
• High-value payments processed and expansion into international markets.
• Recognized for continuous investment in technology, cloud infra, and R&D.

Key Risks

• Recent net losses and ongoing negative cash flows in some quarters.
• Intense competition from Paytm, Razorpay, BharatPe, and others in a fast-changing regulatory landscape.
• Litigation and contingent liabilities remain a concern.
• Geographic concentration; still reliant on Indian market for bulk of revenues.

How To Apply for the Online?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Final Thoughts :-

For fintech-focused investors, Pine Labs brings India’s cashless, tech-powered commerce story to the stock market. Use research, prospectus details, and expert guidance—such as those available from leading services like JM Financial—before investing in this innovative IPO.

FAQs :-

Q: What are the Pine Labs IPO dates and price band?
A: Nov 7–11, 2025; ₹210–₹221 per share.

Q: What’s the minimum lot size and investment?
A: 67 shares/lot; minimum ~₹14,807 (upper band).

Q: Is it a fresh issue or OFS?
A: Both—₹2,080 crore fresh issue; rest OFS from leading investors and co-founder.

Q: What will Pine Labs use the proceeds for?
A: Debt repayment, global expansion, tech upgrade, cloud infra, and general corporate needs.

Q: Who are the clients for Pine Labs?
A: Merchants: Retail, food service, fuel, pharma, consumer brands—across India & increasingly Asia/MENA/US.

Q: Where will the company be listed?
A: BSE and NSE, listing on November 14, 2025.