Pine Labs Limited is a merchant commerce and digital payments platform that enables businesses to accept multiple payment methods, offer EMI/BNPL financing, and run loyalty and prepaid programs.
The company works with merchants across India, Malaysia, and the UAE, and provides prepaid and issuing solutions across Southeast Asia, Singapore, Australia, the U.S., and Africa.
The platform has evolved from a POS solutions provider into a full-stack fintech ecosystem integrating merchants, brands, and lending partners.
Key Offerings:
- Digital Payment Acceptance – Supports cards, UPI, wallets, QR, and loyalty payments on a unified in-store and online platform.
- EMI / Buy Now Pay Later (Affordability) – Enables instant consumer financing at checkout in partnership with banks/NBFCs (Pine Labs does not take credit risk).
- FinTech Infrastructure (Setu) – APIs for eKYC, UPI payments, account aggregator data, and loan collections for financial institutions.
- Prepaid & Card Issuing Solutions – Powers gift cards, loyalty rewards, employee expense cards, and card issuing for banks and brands.
As of December 31, 2024, Pine Labs served 915,731 merchants. Its platform is used by brands like Amazon Pay, LG, Flipkart, and Redington, and it works with leading banks such as HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs IPO – Details
| IPO Opening Date | 07 November 2025 |
| IPO Closing Date | 11 November 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: [] Shares Worth ₹[] Crore Fresh Issue: 10,60,00,000 Shares Worth ₹2,080.00 Crore Offer For Sale: 8,23,48,779 Shares Worth ₹[] Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | [] Shares |
| Min Order | [] Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Pine Labs IPO – Date Schedule
| IPO Open Date | 07 November 2025 |
| IPO Close Date | 11 November 2025 |
| Basis of Allotment | 12 November 2025 |
| Initiation of Refund | 13 November 2025 |
| Credit of Shares to Demat Account | 13 November 2025 |
| IPO Listing Date | 14 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 11, 2025 |
Pine Labs IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions.
- Full stack, cloud-based, scalable digital infrastructure and transaction platform.
- Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
- Experienced, professional management team.
Company Promoters
- The company does not have an identifiable promoter.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,690.44 Cr | ₹1,943.07 Cr | -₹265.15 Cr | ₹329.51 Cr |
| 31 March 2024 | ₹1,824.16 Cr | ₹2,221.73 Cr | –₹341.90 Cr | ₹532.92 Cr |
| 31 March 2025 | ₹2,327.09 Cr | ₹2,426.90 Cr | -₹145.49 Cr | ₹829.49 Cr |
| 30 June 2025 | ₹653.08 Cr | ₹657.86 Cr | ₹4.79 Cr | ₹888.74 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| RoNW | – |
| PAT Margin | – |
| EBITDA Margin | – |
| Price to Book Value | – |
| Market Capitalization | – |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company. | ₹532.00 |
| Investment in certain of the Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding our presence outside India. | ₹60.00 |
| Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points, and technology development initiatives: | ₹760.00 |
| – Investment in IT assets and expenditure towards cloud infrastructure. | ₹230.00 |
| – Expenditure towards procurement of DCPs. | ₹430.00 |
| – Expenditure towards technology development initiatives. | ₹100.00 |
| General corporate purposes and unidentified inorganic acquisitions. | – |
Pine Labs IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | One97 Communications Limited | (110.98) |
| 2 | 1 | Zaggle Prepaid Ocean Services Limited | 48.87 |
✅Strengths
- Integrated payment platform offering in-store, online, EMI/BNPL, and prepaid solutions.
- Strong ecosystem of merchants, brands, and lending partners.
- API-based fintech infrastructure (Setu) enables UPI, eKYC, and data-sharing services.
- Large scale of operations with high transaction volumes across multiple markets.
⚠️Risks
- Recent financial losses and negative operating cash flows.
- Revenue concentration among a few key customers.
- Faces intense competition from fintechs and banks.
- Regulatory and data security compliance risks that could impact operations.
Pine Labs IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | – |
Pine Labs IPO Prospectus
Company Contact Information
| Pine Labs Ltd. Unit No. 408, 4th Floor, Time Tower, MG Road, DLF QE Gurgaon, Haryana, 122002 Phone: +91 22 6986 3600 Email: cosecy@pinelabs.com Website: http://www.pinelabs.com/ |
Pine Labs IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: einward.ris@kfintech.com Website: https://ipostatus.kfintech.com/ |
Pine Labs IPO Lead Manager(s)
| 1. Axis Capital Limited 2. Jefferies India Private Limited 3. J.P. Morgan India Private Limited 4. Citigroup Global Markets India Private Limited 5. Morgan Stanley India Company Private Limited |
Pine Labs IPO FAQs
| What is Pine Labs IPO? Pine Labs IPO is a main-board IPO. The issue is priced at ₹[] to ₹[] per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Pine Labs IPO open? The IPO is to open on 07 November 2025 for QIB, NII, and Retail Investors. |
| What is Pine Labs IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is Pine Labs IPO Size? Pine Labs IPO size is ₹[] Crore. |
| What is the Pine Labs IPO Minimum and Maximum Lot Size for Retail? The minimum bid is [] Shares with ₹[], while the maximum bid is [] Shares with ₹[]. |
| What is the Pine Labs IPO Allotment Date? Pine Labs IPO allotment date is 12 November 2025. |
| What is the Pine Labs IPO Listing Date? Pine Labs IPO listing date is 14 November 2025. The IPO is to be listed on BSE and NSE. |
