Pine Labs Limited is launching its Initial Public Offering (IPO) to raise funds for repayment of debt, investment in subsidiaries, and Investment in IT, cloud infra. The ipo size aggregates up to Rs. 3,899.91 crore, comprising a fresh issue of 9.41 crore equity shares totalling Rs. 2,080 crore and an offer for sale of 8.23 crore shares worth Rs. 1,819.91 crore.
Pine Labs IPO price band is set at Rs. 210 to Rs. 221 per share. The IPO opens for subscription on November 7, 2025, and closes on November 11, 2025. The shares will be listed on NSE and BSE on Friday, November 14, 2025. Here’s everything you need to know.
GMP of Pine Labs Limited IPO
As of November 7th, 2025, the shares of Pine Labs Limited in the grey market were trading at a 5.43 percent premium. The shares in the Grey Market traded at Rs. 233. This gives it a premium of Rs. 12 per share over the cap price of Rs. 221.
Overview of Pine Labs Limited
Pine Labs Limited was founded in 1998 and is a leading Indian fintech company offering merchant commerce and digital payment solutions. It began as a card-based payment provider and has evolved into a full-scale platform supporting businesses of all sizes. The company helps merchants manage transactions efficiently through technology-driven financial services that promote a cashless economy.
Its key offerings include smart point-of-sale (POS) devices that accept multiple payment modes, Buy Now Pay Later (BNPL) options, merchant financing, and loyalty or gift card programs. Pine Labs also provides e-commerce tools and payment gateway APIs, enabling businesses to manage both offline and online sales seamlessly.
As of June 30, 2025, Pine Labs served over 988,304 merchants, 716 consumer brands, and 177 financial institutions, including HDFC Bank, Axis Bank, and ICICI Bank. With clients like Amazon Pay, LG, and Flipkart, Pine Labs continues to lead India’s digital payment transformation through innovation and trusted fintech solutions.
Promoters of Pine Labs Limited
Pine Labs Limited does not have an identifiable promoter. It operates under a professional management structure with a strong leadership team. The company’s CEO, Amrish Rau, leads business strategy and innovation.
Pine Labs Limited Selling Shareholders
Through Pine Labs Limited IPO, several investor shareholders are offering shares through the Offer for Sale. Peak XV Partners Pine Investment Holdings will sell up to 2.30 crore equity shares. Actis Pine Labs Investment Holdings Limited will sell up to 0.88 crore equity shares. Macritchie Investments Pte. Ltd. will sell up to 0.87 crore equity shares, while PayPal Pte. Ltd. will sell up to 0.68 crore equity shares. Mastercard Asia/Pacific Pte. Ltd. plans to sell up to 0.59 crore equity shares.
Additionally, AIM Investment Funds (Invesco Investment Funds), on behalf of its series portfolio Invesco Developing Markets Fund, will sell up to 0.32 crore equity shares. Madison India Opportunities IV will sell up to 0.30 crore equity shares, and Lone Cascade, L.P. will sell up to 0.24 crore equity shares. Individual shareholder Lokvir Kapoor will sell up to 0.22 crore equity shares, and Sofina Ventures S.A. will sell up to 0.20 crore equity shares.
Together, these investors and individual shareholders are offering a total of 8.23 crore equity shares of face value Rs. 1 each through the Offer for Sale.
Lead Managers of Pine Labs Limited IPO
Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Jefferies India Private Limited are the book-running lead managers. KFin Technologies Limited acts as the registrar. These top-tier financial institutions ensure smooth execution and investor participation.
Objectives of the Offer
Pine Labs Limited’s IPO proposes to utilize the net proceeds for four key objectives. The company plans to allocate Rs. 532 crore towards repayment or prepayment of certain borrowings availed by the company and its subsidiaries, helping reduce overall debt levels.
Additionally, Rs. 60 crore will be invested in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to strengthen and expand the company’s international presence.
A major portion, about Rs. 760 crore, will be utilized for investment in IT assets, cloud infrastructure, and technology development initiatives, including the procurement of digital collection platforms (DCPs).
The remaining funds will be directed towards general corporate purposes and potential inorganic acquisitions, supporting Pine Labs Limited’s long-term growth and strategic expansion plans.
Financial Analysis of Pine Labs Limited
Coming into financial highlights, Pine Labs Limited’s consolidated revenue from operations has increased from Rs. 1,769.55 crore in FY24 to Rs. 2,274.27 crore in FY25, which represents a growth of 28.52 percent. The net loss of the company has reduced from Rs. 341.90 crore in FY24 to Rs. 145.49 crore in FY25.
Pine Labs Limited Vs Peers
Pine Labs Limited reported revenue from operations of Rs. 2,274.27 crore and a Return on Net Worth (RoNW) of -4.15 percent. The company’s basic EPS stood at Rs. -1.45, and its net asset value per equity share was Rs. -22.43.
In comparison, One97 Communications Limited (Paytm) posted revenue of Rs. 6,900.40 crore with a RoNW of -4.69 percent, and a basic EPS of Rs. -10.35. Zaggle Prepaid Ocean Services Limited (Zaggle) recorded Rs. 1,303.76 crore in revenue with a RoNW of 9.64 percent and an EPS of Rs. 6.99.
Among global peers, Adyen N.V. reported Rs. 22,923.69 crore in revenue with a RoNW of 25.06 percent and an EPS of Rs. 3,058.07. Shopify Inc. achieved Rs. 75,480 crore in revenue with a RoNW of 19.58 percent and an EPS of Rs. 133.45. Block Inc. posted Rs. 2,05,028.95 crore in revenue with a RoNW of 14.51 percent and an EPS of Rs. 399.50. Marqeta Inc. generated Rs. 4,309.46 crore in revenue, reporting a RoNW of 2.34 percent and an EPS of Rs. 4.25.
Pine Labs Limited’s net asset value per equity share stood at Rs. -22.43, compared to Rs. 235.54 for Paytm and Rs. 99.25 for Zaggle Prepaid. Among global players, Adyen N.V. reported Rs. 13,987.40, Shopify Inc. posted Rs. 761.60, Block Inc. recorded Rs. 2,925.70, and Marqeta Inc. reported Rs. 180.20 per equity share.
Strengths of Pine Labs Limited
- Strong presence in digital payments and merchant commerce across multiple geographies.
- Scalable platform supporting payments, financing, and loyalty programs efficiently.
- Deep partnerships with banks, fintech firms, and global payment networks.
- Strong management team driving innovation and business expansion.
- Proven record of technological adaptability in evolving payment ecosystems.
Weaknesses of Pine Labs Limited
- Dependence on merchant transaction volumes for major revenue.
- Intense competition from global and domestic fintech companies.
- Exposure to regulatory changes in digital payments and data privacy.
- High technology development costs may affect short-term profitability.
- Limited direct consumer engagement compared to peer fintech models.
Conclusion
Pine Labs Limited’s IPO provides investors access to one of India’s leading merchant commerce platforms. The company’s strong technology foundation and expanding ecosystem position will help with future growth. Investors should review the company’s financials, risks, and competitive environment before subscribing to the IPO.
Written By – Nikhil Naik
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