November 4, 2025
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Pine Labs IPO Review – Chanakya Ni Pothi
Pine Labs Ltd. is launching its Mainboard IPO of Rs. 3,899.91 crore, comprising a fresh issue of Rs. 2,080 crore (9.41 crore shares) and an offer for sale of Rs. 1,819.91 crore (8.23 crore shares).
The issue opens for subscription on November 7, 2025, and closes on November 11, 2025. The basis of allotment is expected on November 12, 2025, and the shares are proposed to be listed on both BSE and NSE with a tentative listing date of November 14, 2025.
👉 GMP | Reviews | Subscription | Allotment
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | Rs. 3,899.91 crore |
| Price Band | Rs. 210 – Rs. 221 per share |
| Face Value | Rs. 1 per share |
| Lot Size | 67 shares |
| Minimum Investment (Retail) | Rs. 14,807 |
| Issue Type | Book Built |
| Listing | BSE, NSE |
| QIB / NII / Retail Allocation | 75% / 15% / 10% |
| Registrar | KFin Technologies Ltd. |
| Lead Managers | Axis Capital, Morgan Stanley, Citigroup Global, JP Morgan, Jefferies India |
Company Overview
Pine Labs Ltd., incorporated in 1998 and headquartered in Gurgaon, is a leading merchant commerce and fintech platform enabling digital payments, POS solutions, BNPL (Buy Now Pay Later), merchant financing, and loyalty/gift programs.
Its ecosystem integrates merchants, brands, and financial institutions across India and abroad. As of June 30, 2025, Pine Labs served 988,304 merchants, 716 brands, and 177 financial institutions, including HDFC Bank, Axis Bank, and ICICI Bank.
It has evolved from a card-based POS provider to a full-stack fintech infrastructure company powering India’s cashless ecosystem.
Financials (Rs. in crore)
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Income | 2,327.09 | 1,824.16 | 1,690.44 |
| EBITDA | 356.72 | 158.20 | 196.80 |
| PAT | -145.49 | -341.90 | -265.15 |
| Net Worth | -2,244.27 | -2,035.24 | -1,764.77 |
| EBITDA Margin | 15.68% | — | — |
Despite reporting losses, the company has shown strong revenue growth (up 28%) and EBITDA improvement, highlighting operational efficiency gains.
Objects of the Issue
-
Repayment / prepayment of borrowings – Rs. 532 crore
-
Investment in subsidiaries (Singapore, Malaysia, UAE) – Rs. 60 crore
-
Investment in IT and cloud infrastructure – Rs. 760 crore
-
General corporate purposes and potential acquisitions
Review-
Pine Labs represents India’s digital payments growth story with a robust merchant network and scalable fintech infrastructure. Despite accumulated losses, the consistent revenue growth and improving margins indicate strong business traction. With marquee financial partners and a diverse international presence, the issue is suitable for investors with a medium-to-long-term horizon.
Chanakya Verdict: Apply selectively for long-term gains; short-term listing pop possible depending on market sentiment and grey market premium.
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