by Suman Gupta
Price Band is fixed at Rs. 210 to Rs. 221 per Equity Share of face value of Re. 1 each (“Equity Share”).
The Offer opens on Friday, November 7, 2025 for Bids and closes on Tuesday, November 11, 2025. The Anchor Investor Bidding Date will open and close on Thursday, November 6, 2025.
A discount of Rs 21 per Equity Share is being offered to Eligible Employees Bidding in the Employee Reservation Portion.
Bids can be made for a minimum of 67 Equity Shares and in multiples of 67 Equity Shares thereafter.
RHP Link: https://cdn.pinelabs.com/india/investors/pdf/offer-documents/Pine-Labs-Limited-RHP.pdf
MUMBAI, NOVEMBER 03, 2025 : Gurugram-based Digital Payments major Pine Labs Limited IPO will Open on 7 November and will Close on 11 November. Anchor investors will be allotted shares on November 6
The price band is set at Rs 210 – 221 per share at a face value of Re.1 each share. Pine Labs is set to launch a Rs. 3,809- Rs. 3,990 crore issue comprising a fresh issue of Rs 2,080 crore and shares being sold by existing investors. The IPO is a mix of a fresh issue and an offer for sale. The issue includes a fresh share sale worth Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares by existing investors such as Peak XV Partners, PayPal, and Mastercard.
The public issue is divided among investor categories as per SEBI norms. Qualified Institutional Buyers (QIBs) will get not less than 75% of the issue.
For the Non-Institutional Investors (NIIs), they can subscribe up to 15%. Meanwhile, retail investors will have access to 10% of the shares.
In addition to this, the company has also reserved shares worth Rs 25 million for eligible employees. The company has offered them a discount of Rs 21 per share.The basis of allotment will be finalised on November 12, with refunds and demat credit expected on November 13. Pine Labs shares are likely to be listed on both BSE and NSE on November 14.
The company has sought a post-issue valuation of Rs. 24,217 crore ($2.7 billion) to Rs. 25,377 crore ($2.8 billion).Investors can bid for a minimum of 67 shares and in multiples of 67 thereafter.
As of June 2025, the company had granted 61.5 million options. Institutional investors in Pine Labs selling their shares in the IPO include Peak XV Partners, PayPal, Actis, Mastercard, Sofina Ventures. While the company had initially submitted plans to sell 147.8 million shares and have a fresh issue of Rs 2,600 crore, it has reduced the size of the IPO in the final plan and is selling 82 million shares to raise fresh capital worth Rs 2,080 crore.
The company plans to use the fund raised from the fresh issue for three main purposes.These include – Rs 532 crore for debt repayment, Rs 60 crore for international expansion and Rs 760 crore for technology upgrades and investments.
Pine Labs reported a net profit of Rs 4.8 crore in the first quarter of the current fiscal year, marking its first profitable quarter in recent times. In FY25 Pine Labs had reported an overall net loss of Rs 145 crore, reducing it from the Rs 341 crore loss it reported in FY24.The revenue for FY25 grew 28.52% YoY. Specifically, the revenue from digital infrastructure and transaction platform increased 25.60%.
Founded in 1998 as a point-of-sale (PoS) solutions provider, Pine Labs has evolved into a full-stack merchant-commerce platform spanning buy-now-pay-later services, invoicing, loyalty programmes, and digital payments, bolstered by its Fave acquisition. The company currently serves more than one million merchants across India, Malaysia, and the UAE.
Once valued at USD 5 billion in 2022, Pine Labs redomiciled from Singapore to India earlier this year in preparation for its market debut. Reflecting shifting market dynamics, the company pared down its IPO size — trimming the fresh issue to Rs 2,080 crore from Rs 2,600 crore, and the offer-for-sale component to 8.23 crore shares from the earlier 14.78 crore.
