- Issue price
- ₹221per share
- Issue size
- ₹3,899.91 Cr17,64,78,303 shares
- Face value
- ₹1per equity share
- Lot size
- 67 sharesMin. ₹14,807 at the upper price
- Anchor biddingThu, 2025
- OpensFri, 2025
- ClosesTue, 2025
- AllotmentWed, 2025
- ListingFri, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 9,41,29,524 shares (₹2,080 Cr)
- Offer for sale
- 8,23,48,779 shares (₹1,819.91 Cr)
- Total issue
- 17,64,78,303 shares (₹3,899.91 Cr)
- Face value
- ₹1
- Listing at
- NSE, BSE
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor45.0%
- QIB ex-anchor30.0%
- Retail10.0%
- Big NII10.0%
- Small NII5.0%
- Employees0.1%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,76,35,330 | 9.99% | 10% |
| Non-institutional investors (NII) | 2,64,52,995 | 14.99% | 15% |
| Small NII (₹2–10 lakh) | 88,17,665 | 5.00% | — |
| Big NII (above ₹10 lakh) | 1,76,35,330 | 9.99% | — |
| Qualified institutional buyers (QIB) | 13,22,64,978 | 74.95% | 75% |
| QIB, excluding anchor | 5,29,05,992 | 29.98% | — |
| Anchor investors | 7,93,58,986 | 44.97% | — |
| Employees | 1,25,000 | 0.07% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹221 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 67 | ₹14,807 |
Source: ProspectusUpdated
Special quotas
- Employees
- ₹21 discount per share
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
Fiscal 2025, pre-issue- EPS (basic)
- -₹1.45
- EPS (basic) (Three months ended June 30, 2025 (not annualised))
- ₹0.05
- P/E (Fiscal 2025 at Cap Price)
- -152.41×
- RoNW (Three months ended June 30, 2025 (not annualised))
- 0.21%
- NAV per share (As on June 30, 2025)
- ₹22.69
- NAV per share (After the Offer at Cap Price)
- ₹39.36
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 202512 months | 30 Jun 20243 months | 31 Mar 202412 months | 31 Mar 202312 months |
|---|---|---|---|---|---|
| Revenue from operations | 615.91 | 2,274.27 | 522.42 | 1,769.55 | 1,597.66 |
| Total income | 653.08 | 2,327.09 | 535.02 | 1,824.16 | 1,690.44 |
| EBITDA | 81.81 | 234.66 | 65.05 | 29.66 | 61.30 |
| Profit after tax | 4.79 | -145.49 | -27.89 | -341.90 | -265.15 |
| Net worth | 2,327.55 | -2,244.27 | -2,049.17 | -2,035.24 | -1,764.77 |
| Reserves and surplus | 3,462.84 | 3,403.49 | 3,449.17 | 3,442.73 | 3,640.15 |
| Total assets | 10,904.32 | 10,715.74 | 10,012.36 | 9,648.56 | 9,363.21 |
| Total borrowing | 888.74 | 829.49 | 654.87 | 532.92 | 329.51 |
12 months vs 12 months: revenue +28.5%, profit after tax +57.4%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company is a technology firm that provides digital payment acceptance, affordability and value-added services for merchants, consumer brands and enterprises, and financial institutions. It also issues and processes prepaid and other card solutions and offers API-based digital public infrastructure to lenders and banks. It operates in India and several international markets.
- Incorporated
- 1998
- Industry
- Fintech / Digital Payments
- Sector
- Financial Services
- CIN
- U67100HR1998PLC113312
- Website
- pinelabs.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue | Shares offered |
|---|---|---|---|
| Lokvir Kapoor | — | — | 22,21,277 |
| Sofina Ventures S.A. | — | — | 19,98,359 |
| Peak XV Partners Pine Investment Holdings | 20.25% | 16.63% | 2,30,02,308 |
| Macritchie Investments Pte. Ltd. | 7.06% | 5.74% | 87,47,787 |
| PayPal Pte. Ltd. | 5.98% | 4.91% | 67,86,963 |
| Actis Pine Labs Investment Holdings Limited | 5.75% | 4.53% | 88,08,097 |
| Mastercard Asia/Pacific Pte. Ltd. | 5.22% | 4.28% | 59,25,004 |
| AIM Investment Funds (Invesco Investment Funds), on behalf of its series portfolio Invesco Developing Markets Fund | 2.83% | 2.32% | 32,12,971 |
| Madison India Opportunities IV | 2.66% | 2.18% | 30,18,784 |
| Lone Cascade, L.P. | 2.37% | 1.97% | 24,13,491 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repay or prepay certain borrowings of the company | 532.00 |
| Invest in subsidiaries Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE for overseas expansion | 60.00 |
| Invest in IT assets, cloud infrastructure, digital check-out points and technology development | 760.00 |
| General corporate purposes and unidentified inorganic acquisitions | 626.33 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Pine Labs LimitedIssuer | -₹1.45 | -152.41× | -4.15% | -₹22.43 |
| One97 Communications Limited (Paytm) | -₹10.35 | -110.98× | -4.69% | ₹235.54 |
| Zaggle Prepaid Ocean Services Limited | ₹6.99 | 48.87× | 9.64% | ₹99.25 |
| Adyen N.V. | ₹3,058.07 | 46.23× | 25.06% | ₹13,987.4 |
| Shopify Inc. | ₹133.45 | 96.50× | 19.58% | ₹761.6 |
| Block, Inc. | ₹399.5 | 16.10× | 14.51% | ₹2,925.7 |
| Marqeta, Inc. | ₹4.25 | 101.20× | 2.34% | ₹180.2 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Operates a payments platform that handles large transaction volumes across India and several other countries.
- Serves a broad ecosystem of merchants, consumer brands, enterprises and financial institutions.
- Offers affordability, value-added and issuing solutions that cover multiple parts of the commerce workflow.
- Uses a cloud-based, API-first technology stack designed for flexible deployment.
- Has a management team with experience across fintech, payments and financial services.
Risks
- The company has reported net losses in recent periods, including a loss of ₹1,454.87 million in FY2025.
- Operating cash flows have been negative in several recent periods.
- A small number of customers account for a large share of revenue, with the top 10 making up about 30%.
- Auditor reports for FY2023 to FY2025 contain adverse opinions or emphasis of matter paragraphs.
- Large tax demands and contingent liabilities are under dispute, including a ₹2,141.11 million GST demand.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹221) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Pine Labs IPO open and close?
According to the Prospectus, the issue opens on Friday, 7 November 2025 and closes on Tuesday, 11 November 2025.
What is the Pine Labs IPO price band?
The final issue price is ₹221 per share.
What is the lot size of the Pine Labs IPO?
One lot is 67 shares, which is ₹14,807 at ₹221 per share.
Where will Pine Labs shares list?
On NSE and BSE. The tentative listing date is Friday, 14 November 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Pine Labs IPO allotment status?
The basis of allotment is expected to be finalised on Wednesday, 12 November 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹532 Cr for repay or prepay certain borrowings of the company, ₹60 Cr for invest in subsidiaries Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE for overseas expansion, ₹760 Cr for invest in IT assets, cloud infrastructure, digital check-out points and technology development, ₹626.33 Cr for general corporate purposes and unidentified inorganic acquisitions.
Related IPOs
Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.