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Pine Labs Ltd IPO

We are a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Our advanced technology infrastructure helps to accelerate the digitization journey of our customers in India, Malaysia, UAE, Singapore, Australia, the U.S and Africa. We broadly categorize our offerings into our Digital Infrastructure and Transaction Platform and our Issuing and Acquiring Platform.

Pine Labs Ltd IPO Details

Total Shares Offered

₹ 17,64,66,426

Offer to Public

8,23,48,779

Retail Max (Shares)

TBA

Pre Issue Promoters Holding

TBA

Exchange

BSE

Issue size

₹ 3899.91 Cr

IPO Open Date

Nov 7, 2025

Close Date

Nov 11, 2025

Lot Size

Min Investment

₹ 14,070

Issue Type

Book Building

Listing Date

Nov 14, 2025

Pine Labs Ltd IPO Dates

Nov 7, 2025

Opening date

Nov 11, 2025

Closing date

Nov 12, 2025

Basis of Allotment

Nov 13, 2025

Initiation of Refunds

Nov 13, 2025

Credit of Shares

Nov 14, 2025

Listing date

Details

Sector	Type
Sector	Computers - Software - Medium
Sub Sector	Small
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*
QIB	0x	0
NII	0x	0
Retail	0x	0
Employee	0x	0
Total	0x	176466426

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

176466426

Pine Labs Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	164.06	114.23	108.71
EBITDA	402.79	302.92	291.50
PAT	-56.11	-22.57	-55.83
Total Assets	5,818.50	4,821.40	3,415.13
Share Capital	13.96	13.53	12.87
Total Borrowings	1,206.44	976.32	677.31
Operating Activities (Net Cash)	182.62	166.12	126.96
Investing Activities (Net Cash)	-238.62	-72.41	-13.36
Financing Activities (Net Cash)	1,206.44	976.32	677.31
Net Cashflow	4,417.44	3,773.22	2,563.41

About Pine Labs Ltd

Our Company was incorporated as `Pine Labs Private Limited' at New Delhi, India as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 18, 1998 issued by the Registrar of Companies, Delhi and Haryana at New Delhi (RoC). Subsequently, our Company was converted to a public limited company and the name of our Company was changed to `Pine Labs Limited' pursuant to a Board resolution dated May 9, 2025 and a Shareholders' resolution dated May 16, 2025, and a fresh certificate of incorporation dated June 6, 2025 was issued by the RoC.

According to the Redseer Report, the total market opportunity in India for our Company in terms of total payment value was approximately Rs.116.8 trillion (US$1.4 trillion) in Fiscal Year 2025 and is projected to grow further at a CAGR of 22-24% to Rs.256-276 trillion (US$3.0-3.3 trillion) by Fiscal Year 2029 and in select international geographies (Southeast Asia, the UAE, Australia and the USA) was over US$2.0 trillion in 2024 and projected to grow at a CAGR of 10-11% to US$3.1-3.2 trillion by 2028, driven by maturing of the digital payment ecosystem and increasing penetration of affordability solutions.

Peer Comparison:

Pine Labs Limited
One97 Communications Limited (Paytm)
Zaggle Prepaid Ocean Services Limited (Zaggle)

Pine Labs Ltd Key Points

Strengths

Platform with proven scale and growth in operating profitability.

Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions and creating network effects.

Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.

Full stack, cloud-based flexible and scalable technology platform.

Ability to consistently innovate new solutions and features.

Risk

We have incurred losses in the recent past, including a loss for the year of Rs.1,454.87 million in Fiscal Year 2025 primarily driven by our total expenses, which was 104.29% of total income in Fiscal Year 2025. There can be no assurance that we will not continue to suffer losses in the future.

We have had negative cash flows from operations in the recent past. Our net cash used in operating activities in the three months period ended June 30, 2025 was Rs.2,811.93 million. There can be no assurance that we will not continue to generate negative cash flows in the future.

If we are unable to retain our existing customers and acquire additional customers, our business, financial condition and results of operations could be adversely affected.

Strategy

Scale and increase adoption of our existing offerings and expand our offerings suite.

Broaden and deepen our partnership ecosystem.

Invest in our technology platform.

Enter new international markets and expand within existing international markets.

Continue to pursue strategic acquisitions and investments.

How To Apply for Pine Labs Ltd IPO Online?

Step 1:

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Pine Labs Ltd IPO?

Pine Labs Ltd's IPO offers shares for up to 2,080 It begins on Nov 7, 2025 and ends on Nov 11, 2025.

What is the price of the Pine Labs Ltd IPO?

The price of Pine Labs Ltd IPO ranges between ₹210 to ₹221 per share.

What are the open and close dates for the Pine Labs Ltd IPO?

The Pine Labs Ltd IPO opens on Nov 7, 2025 and closes on Nov 11, 2025.

When will the Pine Labs Ltd IPO be allotted?

The allotment for the Pine Labs Ltd IPO will be finalised on Nov 12, 2025. The shares will be listed on BSE and NSE on Nov 14, 2025.

What is the minimum lot size required for Pine Labs Ltd IPO?

The minimum lot size for Pine Labs Ltd IPO is 67 shares, priced between ₹210 to ₹221 per share.

What is the GMP of Pine Labs Ltd IPO?

The GMP (Grey Market Premium) of Pine Labs Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Pine Labs Ltd IPO?

To check the allotment status of Pine Labs Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Pine Labs Ltd IPO getting listed?

The Pine Labs Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Nov 7, 2025, and closes on Nov 11, 2025. The allotment is finalised on Nov 12, 2025.

How do you apply for the Pine Labs Ltd IPO?

To apply for the Pine Labs Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.