October 28, 2025
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Pine Labs IPO Details
SEBI has granted its approval to the Initial Public Offer (IPO) of Pine Labs Ltd. on September 11, 2025. The company will now move ahead with the next steps to launch its IPO, subject to market conditions and other regulatory approvals. The SEBI approval remains valid for 12 months. The proposed IPO is a Book-Build Issue, comprising a fresh issue of Rs. 2,600 crore and an Offer for Sale (OFS) of up to 14.78 crore equity shares. The equity shares are proposed to be listed on NSE and BSE. Axis Capital Ltd. will act as the Book Running Lead Manager, and Kfin Technologies Ltd. has been appointed as the Registrar to the Issue. Key details such as IPO dates, price band, and lot size will be announced in due course.
🕗 Last Update: 28 October 2025, 6.00 AM
IPO Key Dates
| IPO Opens on | Nov. 2025 |
| IPO Closes on | Nov., 2025 |
| Allotment on | Nov. 2025 |
| Initiation of Refunds | Nov., 2025 |
| Credit of Shares | Nov. 2025 |
| Listing Date | Nov. 2025 |
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The promoter
The company doesnot have any identifiable promoter.
Objects of IPO
The IPO consists fresh issue of capital and an offer for sale
| Objects of the Issue | Rs. in crores |
| Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | 870 |
| Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | 60 |
| Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | 760 |
| General corporate purposes and unidentified inorganic acquisitions |
Business :
IPO Details
| Opens On | ? November 2025 |
| Closes on | ? November 2025 |
| Face Value | Rs.1 |
| Issue Price Band | Rs.? |
| Lot Size | ? Shares |
| Sale Type | Fresh issue & Offer for Sale |
| Total Issue Size | ? shares |
| Total Issue Size | Rs. Cr |
| Employee Discount | Rs. 0 |
| Shareholder Discount | Rs. 0 |
| Listing At | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
How to check Allotment Status
Allotment of this IPO will be announced on ? November 2025 and the link to check allotment is given below:
https://ipostatus.kfintech.com/
| Registered Office of the company Pine Labs Ltd. Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE Gurgaon, Haryana, 122002 Email: cosecy@pinelabs.com |
|
| The Lead Managers Axis Capital Ltd. Morgan Stanley India Co.Pvt.Ltd. Citigroup Global Markets India Pvt.Ltd. JP Morgan India Pvt.Ltd. Jefferies India Pvt.Ltd. |
|
| Registrar to IPO | |
| Kfin Technologies ltd |
Financial Snapshot
| Period Ended | 31-Dec-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 8,969.98 | 7,910.93 | 7,406.11 | 6,263.59 |
| Total Income | 1,273.88 | 1,382.63 | 1,327.59 | 957.92 |
| Profit After Tax | 26.14 | -187.17 | -56.24 | -22.62 |
| EBITDA | 271.43 | 177.3 | 275.63 | 191.9 |
| Net Worth | 2,041.95 | 2,037.87 | 2,180.33 | 1,912.22 |
| Reserves and Surplus | 1,957.96 | 1,953.87 | 2,166.47 | 1,745.47 |
| Total Borrowing | 614.11 | 477.11 | 307.13 | 236.4 |
| Amount in Rs. Crore | ||||
Key Performance Indicators
| KPI | Values |
| RoNW | -9.18% |
| EBITDA Margin | 13.22% |
Peer Comparison
Pine Labs IPO Review
by Paresh Gordhandas, CA & Research Analyst
Chanakya has strong following because of its IPO reviews. We shall update our review for this IPO, once the price band and latest results are available.
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