Pine Labs IPO has a face value of ₹1 per share with an aggregated book build issue of ₹3,899.91 Cr. The Pine Labs IPO will open on November 7, 2025, and close on November 11, 2025. The tentative allotment date for the Pine Labs IPO is November 12, 2025. The tentative listing date is November 12, 2025. The Pine Labs IPO will be listed on BSE and NSE. The lot size for an application is 67 shares.
The price band is set between ₹210 to ₹221 per share. Based on the upper price, the minimum investment amount is ₹14,807 for a retail investor (67 shares). For sNII, the minimum lot size is 14 lots, amounting to ₹2,07,298 (938 shares), and for bNII, it goes to 68 lots which amount to ₹10,06,876 (4,556 shares).
Pine Labs IPO Details
Following are the details for the Pine Labs IPO :
| Particulars | Details |
| IPO Date | November 7, 2025 to November 11, 2025 |
| Listing Date | |
| Face Value | ₹1 per share |
| Issue Price Band | ₹210 to ₹221 |
| Lot Size | 67 shares |
| Sale Type | Fresh Capital-cum-Offer for Sale (OFS) |
| Total Issue Size | 17,64,66,426 shares(adding up to ₹3,899.91 Cr) |
| Fresh Issue | 9,41,17,647 shares(adding up to ₹2,080.00 Cr) |
| Offer for Sale | 8,23,48,779 shares of ₹1(adding up to ₹1,819.91 Cr) |
| Employee Discount | ₹21.00 |
| Issue Type | Bookbuilding Issue |
| Listing At | BSE and NSE |
| Share Holding Pre-Issue | 1,05,41,46,853 shares |
| Share Holding Post-Issue | 1,14,82,64,500 shares |
Pine Labs IPO Timeline
The Pine Labs IPO will have the following timeline:
| Particulars | Details |
| IPO Opening Date | Friday, November 7, 2025 |
| IPO Closing Date | Tuesday, November 11, 2025 |
| Tentative Allotment | Wednesday, November 12, 2025 |
| Initiation of Refunds | Thursday, November 13, 2025 |
| Credit of Shares to Demat account(s) | Thursday, November 13, 2025 |
| Tentative Listing Date | Friday, November 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tuesday, November 11, 2025 |
Pine Labs IPO Grey Market Premium (GMP Today)
The Pine Labs IPO GMP today stands at ₹35, showing good investor demand in the grey market. The premium has decreased from ₹60 to ₹35 over the last three days, reflecting a poor market sentiment ahead of the listing.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 04-11-25 | ₹35 | ₹256 | 15.84% | Neutral |
| 03-11-25 | ₹35 | ₹256 | 15.84% | Decreasing |
| 01-11-25 | ₹60 |
Note: GMP values are taken from the grey market and can change based on demand, and market sentiment.
What is Pine Labs IPO GMP Percentage?
In the grey market, the GMP percentage for Pine Labs is 15.84%. The premium is ₹35, and the expected listing price is ₹256.
Pine Labs IPO Reservation
The Pine Labs IPO is reserved for the investors as given below:
| Category Of Investor | % Shares Offered |
| QIB Shares Offered | At least 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 |
Pine Labs Key Performance Indicators
The key performance indicators (KPIs) for Pine Labs IPO are:
| KPI | FY 2023 | FY 2024 | FY 2025 |
| Return on Equity (ROE) | |||
| Return on Capital Employed (ROCE) | |||
| Debt-Equity Ratio | |||
| Return on Net Worth (RoNW) | (7.09%) | (9.65%) | (4.15%) |
| PAT Margin | 16.6% | 19.32 % | 6.40 % |
| EBITDA Margin | 12.32% | 8.94 % | 15.68 % |
| Price to Book Value |
Pine Labs IPO Financials
The key financials for Pine Labs are:
| Particulars (in ₹ million) | 2023 | 2024 | 2025 |
| Revenue | 15,976.58 | 15,976.58 | 22,742.74 |
| Total Assets | 93,632.06 | 96,485.64 | 107,157.37 |
| Profit | (2,651.45) | (3,419.03) | (1,454.87) |
Pine Labs IPO Lot Size
The given table breaks down the lot sizes and investment required for each investor category in the Pine Labs IPO:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 67 shares | ₹14,807 |
| Retail (Max) | 13 | 871 shares | ₹1,92,491 |
| S-HNI (Min) | 14 | 938 shares | ₹2,07,298 |
| S-HNI (Max) | 67 | 4,489 shares | ₹9,92,069 |
| B-HNI (Min) | 68 | 4,556 | ₹10,06,876 |
Pine Labs IPO Anchor Investors Details
The details regarding Pine Labs IPO anchor investors are as follows:
| Particulars | Details |
| Anchor Bid Date | November 6, 2025 |
| Shares Offered | To be announced |
| Anchor Portion Size | Up to ₹1,754.51 crore ( 60% of QIB quota) |
| Lock-in period date for 50% of the shares (30 days) | December 12, 2025 |
| Lock-in period date for the remaining shares (90 days) | February 10, 2026 |
Pine Labs IPO Prospectus
If you want a detailed Pine Labs IPO review, you can check out these official documents:
| Pine Labs IPO DRHP(Doc) | |
| Pine Labs IPO RHP(Doc) | |
| Pine Labs IPO Anchor Investors | |
| Pine Labs IPO Final Prospectus |
About Pine Labs
Pine Labs was founded in 1998. It is one of the leading online merchant commerce platforms in India. Some of its major services include smart point-of-sale (POS) systems, merchant lending, gift card programs, and e-commerce payment solutions.
The Managing Director (MD), Chief Executive Officer (CEO), and Chairman of the company is Mr. B. Amrish Rau.
| Book running lead manager(s) | Axis Capital Ltd.Citigroup Global Markets India Pvt.Ltd.JP Morgan India Pvt.Ltd.Morgan Stanley India Co.Pvt.Ltd.Jefferies India Pvt.Ltd. |
| Registrar of the issue | Kfin Technologies Ltd. |
Objectives of the Pine Labs IPO
The IPO is being launched to meet the following objectives:
| S.No. | Objects of the Issue | Expected Amount ( in ₹ crores) |
| 1 | Repayment and/or prepayment of certain borrowings availed by the company | 532.00 |
| 2 | Investment in subsidiaries to expand global presence | 60.00 |
| 3 | Investment in cloud infrastructure and DCP procurement | 760.00 |
| 4 | General corporate purposes |
Strength Of Pine Labs
1. Connected Ecosystem
Pine Labs has developed an ecosystem that helps in integrating different players, such as enterprises, brands, banks, and merchants, onto a single platform. As the number of members in the ecosystem increases, its efficiency improves, making the system more valuable over time.
2. Growth In Scale And Operating Profitability
The company has scaled its operations well. The revenue has been increasing substantially over the past few years and the company is on the path to achieving profitability.
3. Partnerships With Credible Businesses
Pine Labs has a good relationship with large merchants, enterprises, and financial institutions. These partnerships help in enhancing the efficiency as well as improving the company’s credibility in the market.
4. Cloud-Based Technology
The company runs on a cloud-based platform that is designed for high speed, reliability, and flexibility, which enables it to handle high transaction volumes. The technology is built to provide scale, speed, and security in digital commerce.
5. Innovation
Through experimenting and innovating, Pine Labs has been able to provide a wide variety of digital commerce solutions. By understanding the partner’s needs, purpose-driven technology is made that drives innovation and ultimately results in the company’s growth.
Risks of Pine Labs
1. Profitability
Despite consistent growth in revenue, Pine Labs is still a loss-making company. The digital payments sector is highly competitive, which adds even more pressure on the pricing and margins.
2. Highly Dependent On Partners
The company’s success relies heavily on its partnerships with banks, large merchants, and other business enterprises. The loss of any one partner can negatively impact business volumes and financial health.
3. Cybersecurity Risk
The biggest threat to Pine Labs is that of cybersecurity. Their platform is always exposed to data breaches, hacks, or power outages. High security and robust systems are required for protection against any cyber attacks.
4. Regulatory Challenges
The company provides its services across the globe. Different policies, data privacy laws, and regulations have to be followed. Any changes in the economic conditions or laws can pose a major threat.
Pine Labs IPO Review
Pine Labs promises strong growth potential in the rising Indian fintech market. The company is generating good revenue with its efficient operations. It also has earned credibility and reputation by partnering with trusted players. However, it still is not making profits, and the fierce competition in the industry just piles on the pressure.
Investors with a longer time horizon can apply for this IPO, while short-term investors (looking for listing gains) are advised to take caution before applying.
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Pine Labs IPO FAQs
It is a mainboard IPO of 17,64,66,426 shares with a face value of ₹ 1 per share.
You can apply in the Pine Labs IPO using the Application Supported by Blocked Amount (ASBA) facility available in your net banking app or UPI platforms like Zerodha, Upstox, Groww, etc.
The company has growth potential, but the investors should consider that it is still a loss-making company.
The expected returns on Pine Labs IPO are around 15-16%.
The Pine Labs IPO will open on November 7, 2025.
The minimum lot size for Pine Labs IPO is 67 shares, requiring a minimum investment of ₹ 14, 807.
The tentative allotment date for Pine Labs IPO is November 12, 2025.
The tentative listing date for Pine Labs IPO is November 14, 2025.
