Pine Labs IPO opens Nov 7; sets price band at ₹210-221: Check key details

Pine Labs comprises a fresh issue of 94.1 million equity shares amounting to ₹2,080 crore and an OFS of 82.3 million equity shares aggregating to ₹1,819.9 crore

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Pine Labs IPO: Pine Labs, a financial technology company, has set the price band for its maiden public issue in the range of ₹210 to ₹221 per share. The mainline offering comprises a fresh issue of 94.1 million equity shares amounting to ₹2,080 crore and an offer for sale (OFS) of 82.3 million equity shares aggregating to ₹1,819.9 crore. 

 

Peak XV Partners Pine Investment Holdings, Actis Pine Labs Investment Holdings, Macritchie Investments, PayPal, AIM Investment Funds, Mastercard Asia/Pacific, Madison India Opportunities IV, Lone Cascade LP, Lokvir Kapoor, and Sofina Ventures SA are the investors selling shareholders. 

 

According to the red herring prospectus (RHP), the company has reserved at least 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 35 per cent for retail investors and not more than 15 per cent for non-institutional investors (NIIs).  ALSO READ | IPO Calendar: Groww, Pine Labs to open this week; 5 listings on radar

Pine Labs IPO key dates

According to the RHP, the issue will open for subscription on Friday, November 7, 2025, and close on Tuesday, November 11, 2025. The anchor investor period shall be one day prior to the opening date, i.e. Thursday, November 6, 2025. The basis of allotment of shares is likely to be finalised on Wednesday, November 12, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Friday, November 14, 2025.

Pine Labs IPO lot size

The lot size for an application is 67 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,807 to bid for one lot or 67 shares at the upper end price and in multiples thereof.

Pine Labs IPO registrar, lead manager

Kfin Technologies is the registrar of the issue. Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the book-running lead managers.  ALSO READ | Check Orkla India IPO Allotment status, GMP, listing date

Pine Labs IPO objective

According to the RHP, the company proposes to utilise ₹532 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowing availed by the company and its subsidiaries, and ₹60 crore will be used for investment in certain subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding presence outside India. Additionally, ₹760 crore will be used for investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs. The remaining funds will be used for general corporate purposes. 

Pine Labs IPO GMP

According to sources tracking unofficial markets. Pine Labs' unlisted shares were trading flat at ₹40 in the grey market.

Pine Labs financial snapshot

In the financial year ended March 31, 2025 (FY25), the company reported total income of ₹2,327.09 crore, up 27.5 per cent from ₹1,824.16 crore in the previous fiscal. The company's adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose 125.5 per cent to ₹356.72 crore from ₹158.2 crore in FY24. The company's net loss narrowed to ₹145.5 crore in FY25 compared to ₹341.9 crore in FY24.