Pine Labs IPO: Check IPO Date, Live Subscription and Key Details
Pine Labs is a leading merchant commerce and fintech platform in India, providing end-to-end payment, financing (BNPL/EMI), and customer engagement solutions through Smart POS terminals and online payment infrastructure. The company connects over 915,000 merchants and collaborates with major banks and consumer brands (like LG, Flipkart, Amazon Pay). Its offerings include integrated commerce solutions, merchant financing, and digital gift card/loyalty programs (via Qwikcilver). Pine Labs is focusing its strategy on leveraging technology to simplify and accelerate commerce for businesses of all sizes across India and Southeast Asia.
Price Range
₹210.0 - ₹221.0
Issue Size
₹3,899.91 Cr
Lot Size
67 shares
IPO Type
Mainboard
GMP
₹5(+2.26%)
Est. Listing Price
₹226
Estimate Profit
₹335
Retail Portion
-
Key Metrics
Check Live GMPGMPFace Value
₹1
EPS
0.17
P/E Ratio
1,325.57
RoNW
-4.15%
ROE
0%
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Timeline
IPO Opens
7 Nov
IPO Closes
11 Nov
Allotment
12 Nov
Listing
14 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 7 November 2025 | Subscription starts |
| IPO Close Date | 11 November 2025 | Subscription ends |
| Allotment Date | 12 November 2025 | Allotment |
| Listing Date | 14 November 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,807 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,92,491 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,07,298 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,92,069 |
BHNIAbove ₹10,00,000 | 68 | ₹10,06,876 |
IPO Objectives
- Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries (₹532.00 Cr).
- Investment in certain of our Subsidiaries (Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE) for expanding our presence outside India (₹60.00 Cr).
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs (Digital Checkout Points) (₹760.00 Cr).
- General corporate purposes and unidentified inorganic acquisitions.
Strengths
- The company operates a comprehensive B2B2C platform connecting merchants, consumer brands, and financial institutions on one platform, which drives strong network effects.
- It achieved a significant profitability turnaround, reporting a net profit of ₹26.14 Cr in 9M FY25 after a historical trend of losses.
- The business maintains deep partnerships with 666 major brands (like Amazon Pay, Flipkart) and 164 financial institutions (HDFC, ICICI).
- It uses a Full-Stack Technology Platform with cloud-based infrastructure to support complex payment solutions like integrated Buy Now, Pay Later (BNPL).
- The Strategic Use of Proceeds (₹870 Cr for debt repayment) will significantly deleverage the balance sheet and enhance future financial flexibility.
- The company claims market leadership in closed and semi-closed loop gift card issuances in India by transaction value.
Weaknesses
- The company has a history of persistent losses (FY22-FY24), and its current marginal profitability needs to be sustained over a longer period.
- It has continued negative Cash Flow from Operations (CFO) in recent years, which raises concerns about the quality of earnings and ongoing operational cash burn.
- Total borrowing was significantly high before the fresh issue, indicating historical reliance on debt funding.
- The business faces fierce competition from well-capitalized fintech rivals like Paytm, PhonePe, and Razorpay in both physical and digital payments.
- Revenue is concentrated on the Digital Infrastructure and Transaction Platform (POS business) (around 70%), making the company vulnerable to shifts in this core segment.
- The Major Offer for Sale (OFS) component accounts for the bulk of the IPO, limiting direct capital infusion for the company's growth.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| Revenue (₹ Cr.) | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| PAT (₹ Cr.) | 4.79 | -145.49 | -341.9 | -265.15 |
| Net Worth (₹ Cr.) | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Pine Labs | -9.85 | 1,325.57 | -4.15% | 2,327.55 |
| One97 (Paytm) | 5.5 | -138.57 | 0.74% | 14,997 |
| Zaggle Prepaid | 3.8 | 49.94 | 7.04% | 1,249 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.02x | 0.63x | 3.97x |
| NII | 0.07x | 0.12x | 0.3x |
| S-HNI | 0.14x | 0.24x | 0.42x |
| B-HNI | 0.03x | 0.07x | 0.25x |
| RII | 0.57x | 0.91x | 1.27x |
| EMP | 3.14x | 5.19x | 7.78x |
| Total | 0.13x | 0.55x | 2.48x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 5,28,97,083 | 20,97,92,544 | 4,636.42 |
| NII | 2,64,51,214 | 80,30,754 | 177.48 |
| Small NII | 88,17,071 | 36,64,431 | 80.98 |
| Big NII | 1,76,34,143 | 43,66,323 | 96.5 |
| RII | 1,76,34,143 | 2,23,73,578 | 494.46 |
| EMP | 1,25,000 | 9,72,639 | 21.5 |
| Total | 9,71,07,440 | 24,11,69,515 | 5,329.85 |
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Company Details
- Pine Labs Ltd.
- Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE, Gurgaon, -122002
- +91 22 6986 3600
- cosecy@pinelabs.com
- http://www.pinelabs.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- einward.ris@kfintech.com
- https://ipostatus.kfintech.com/
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