Pine Labs IPO opens for bidding: Check GMP, price band, key dates, review

Pine Labs IPO: The initial public offering (IPO) of merchant commerce platform Pine Labs opens for public subscription on Friday, November 7, 2025. The ₹3,899.9 crore mainline public issue comprises 94.1 million shares amounting to ₹2,080 crore and offer for sale (OFS) of 82.3 million shares amounting to ₹1,819.91 crore.

 

Ahead of its IPO, Pine Labs raised ₹1,753 crore from 70 institutional investors through an anchor book on November 6. The company allocated 79 million equity shares to anchor investors at the upper end of the price band of ₹210 to ₹221.

 

Marquee investors including SBI Mutual Fund, Nomura, Templeton MF, Aditya Birla Sun Life MF, Mirae Asset MF, Massachusetts Institute of Technology, HSBC, ICICI Prudential Life Insurance, Tata MF, BNP Paribas, Edelweiss MF, Morgan Stanely, Abakkus Flexi Edge Fund-1, Amundi Funds, Motilal Oswal, Susquehanna Pacific, Bharti AXA, and Reliance General Insurance, among others participated in the anchor round.

Pine Labs IPO review

According to analysts at Angel One, at the upper end price of ₹221 per share, the company's valuation cannot be meaningfully compared on a P/E basis, as it remains loss-making at the net level and on EV/Ebitda, it is trading at a premium to its listed peers, leading to valuation discomfort despite a strong sector and company outlook. "Hence, we recommend a 'Neutral' rating for investors with a medium to long-term horizon," the brokerage said.

 

Arihant Capital has assigned a 'Avoid' rating to the issue, saying the company remains loss-making at the PAT level, which shows sustained pressure from high employee, technology, and acquisition integration costs.   ALSO READ | Pine Labs IPO: Analysts divided on prospects; should you subscribe?

Pine Labs IPO GMP

Ahead of opening, the unlisted shares of Pine Labs were trading at ₹233, up ₹12 or 5.5 per cent compared to the upper band price, according to the sources tracking unofficial markets. 

Here are the key details of the Pine Labs IPO:

Pine Labs IPO key dates

The subscription window to bid for Pine Labs will close on Tuesday, November 11, 2025. The share allotment process is expected to be concluded by Wednesday, November 12, 2025. The company is expected to list its shares on the NSE and BSE on Friday, November 14, 2025.

Pine Labs IPO lot size

Pine Labs has set the price band for the issue in the range of ₹210 to ₹221 per share. The lot size for an application is 67 shares.  ALSO READ | Pine Labs IPO: Tech-driven growth, hidden risks; what investors should know

Pine Labs IPO registrar, lead manager

Kfin Technologies is serving as the registrar for the issue. Axis Capital, Morgan Stanley India Company, JP Morgan India and Jefferies India are acting as the book-running lead managers for the issue.

Pine Labs IPO objective

According to the RHP, the company plans to utilise the net fresh issue proceeds for debt repayment, investment in IT assets, cloud infrastructure, technology development, and procurement of digital checkout points. Additionally, the company will invest in Pine Labs subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to expand the international footprint.