Pine Labs IPO

About Pine Labs IPO

Pine Labs is launching an IPO comprising a fresh issue and an offer for sale. The fresh issue consists of 9,41,17,647 shares (aggregating up to ₹2,080.00 crores). The offer for sale size is up to 8,23,48,779 shares of ₹1(aggregating up to ₹1,819.91 crores). The total number of shares and aggregate amount is 17,64,66,426 shares (aggregating up to ₹3,899.91 crores).

The IPO opens on Fri, Nov 7, 2025 and closes on Tue, Nov 11, 2025. The allotment of bids will take place on Wed, Nov 12, 2025. The credit of shares to the demat account will take place on Thu, Nov 13, 2025. The initiation of refund will take place on Thu, Nov 13, 2025. The tentative listing is on Fri, Nov 14, 2025.

Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Their advanced technology infrastructure helps to accelerate their digitization journey in India and a growing number of international markets including Malaysia, UAE, Singapore, Australia, the U.S. and Africa.

Note: Pine Labs Limited (formerly known as Pine Labs Private Limited)

Objectives of Pine Labs IPO

• Repayment or prepayment, either in full or in part, of certain borrowings availed by the company and some of its subsidiaries.
  

• Investment in specific subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to support the firm’s international expansion efforts.
  

• Investment in IT assets, including expenditure on cloud infrastructure, procurement of digital check-out points, and other technology development initiatives.
  

• General corporate purposes and unidentified inorganic acquisitions.
  

Industry Outlook

India’s payments have evolved from cash-heavy transactions to AI-driven digital ecosystems. A decade ago, the initial shift saw POS terminals and credit cards replacing cash, driven by transaction banking and in-store innovations. Subsequently, about five years ago this was followed by a surge in digital wallets, UPI, and QR code adoption, fueled by fintech platforms and online commerce. Now, the focus is on AI, data-driven personalization and insights, and fintech infrastructure, moving beyond hardware dependency to create seamless and intelligent payment experiences through embedded journeys.

According to the Redseer report, the total market opportunity in terms of total payment value (TPV) for Pine Labs in India ~₹116,80,000 crores in FY 2025, having grown at a CAGR of 36% from ~₹2520000 crores in FY 2020. It is projected to grow further to ₹256,00,000-276,00,000 crores by FY 2029 at a CAGR of 22-24% with increasing penetration of affordability solutions and cards usage as the digital payment ecosystem across in-store and online matures.

Pine Labs Company Information

Pine Labs is a technology partner for financial institutions enabling payments acceptance at merchant stores, enabling acquiring at merchant stores, and enabling credit disbursal through their affordability solutions. In addition, they offer issuing and acquiring solutions to financial institutions enabling issuance of credit cards, debit cards, prepaid cards and forex cards to consumers, and enabling merchant acquiring solutions.

The company’s “Digital Infrastructure and Transaction Platform” comprises in-store and online payment infrastructure, affordability, value added services (“VAS”) such as dynamic currency conversion and transaction processing, and financial technology (“FinTech”) infrastructure solutions and software applications. Their “Issuing and Acquiring Platform” comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with their unified issuing and acquirer processing platforms. Their offerings enable multiple workflows for merchants, including digital payments, smooth integration with billing systems, rewards and loyalty program management, affordability for their end consumers, value-added services such as dynamic currency conversion, and digitizing their stores through business software applications. Consumer brands and enterprises use their Issuing solutions to offer prepaid cards for gifting, promotions, cashback, wallets, refunds, rewards, loyalty, company-issued expense cards for their employees and employee and channel incentives.

Strengths of Pine Labs IPO

• An ecosystem that brings together merchants, consumer brands, enterprises, and financial institutions, enabling commerce transactions and creating network effects.
  
• A platform with proven scale and growth in operating profitability.
  
• Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
  
• A full-stack, cloud-based, flexible and scalable technology platform.
  
• Ability to consistently innovate new solutions and features.
  
• An experienced, professional management team with entrepreneurial leadership.
  

Risks of Pine Labs IPO

• Real or perceived software errors, interruptions, failures, bugs, defects, or outages of their technology platform or IT systems.
  
• Any disruption in their Digital Infrastructure and Transaction Platform.
  
• Risks associated with chargebacks and refunds across their operating segments, particularly in cases of billing disputes and fraudulent transactions.
  
• Decline in the use of credit cards, debit cards, prepaid cards, UPI, wallets and other payment methods enabled on their platform, as payment mechanisms for consumers; adverse developments with respect to the payment processing industry in general; or a decrease in demand for alternative financial services.
  
• Any adverse changes in the economic, legal, political, regulatory, public health, and other circumstances in India, where their revenue from external customers is geographically concentrated.
  
• Any deterioration in their relationships with, or disruption of the services provided by, various third-party vendors and operating system providers.
  
• Exposure to credit risks associated with providing instant and early settlement for their customers.
  
• Disruptions in third-party software systems and unfavourable changes to the algorithms, policies, or access to online channels.
  

Note: Adyen N.V. reports financials in EUR; Shopify Inc., Block, Inc. and Marqeta, Inc. report financials in USD. The conversion rate used is EUR 1 = ₹ 103; and USD 1 = ₹ 85 # Financial information of Pine Labs has been derived from the Restated Consolidated Financial Information. ^ To be updated upon finalization of the Price Band. * Sources for listed peers information included above:

1. All financial information for listed industry peers is on a consolidated basis and is sourced from the financial information of such listed industry peer as at and for the year ended March 31, 2025 for India listed peers and for the year ended December 31, 2024 for global listed peers available on the website of the stock exchanges or the Company.

2. P/E ratio for the listed industry peers has been computed based on the closing market price of equity shares as on October 1, 2025 divided by the diluted earnings per share for the year ended March 31, 2025 for India listed peers and for the year ended December 31, 2024 for global listed peers.

3. Return on Net Worth % is calculated as profit/(loss) for the period/year divided by the Net Worth as of at the end of the respective period/year.

4. Net Asset Value per equity share is Net Worth divided by weighted average number of equity shares for the period/year.

5. Return on Net worth is not applicable as return and net worth both are negative. Hence, RoNW disclosed in this table represents Adjusted Return on Net Worth as disclosed for the Fiscal 2025.

Anchor Investing Bidding Date: Thursday, Nov 6, 2025

IPO Registrar and Book Running Lead Manager

IPO Registrar: KFin Technologies Limited

**Book Running Lead Manager: **

• Axis Capital Limited
• Morgan Stanley India Company Private Limited
• Citigroup Global Markets India Private Limited
• J.P. Morgan India Private Limited
• Jefferies India Private Limited

Pine Labs Business Model

The company earns its revenue through the following: Digitising commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Its advanced technology infrastructure supports the digitisation journey of customers in India and globally, including markets such as Malaysia, UAE, Singapore, Australia, the U.S., and Africa.

Pine Labs Growth Trajectory

The revenue from operations of the company was ₹2274.274 crores in FY25 compared to ₹1769.546 crores in FY24 from ₹1597.658 crores in FY23.

Their loss after tax for FY25 was ₹(145.487) crores, compared to ₹(341.903) crores in FY24 from a loss of ₹(265.145) crores in FY23.

Their EBITDA in FY25 was ₹234.664 crores compared to ₹29.663 crores in FY24, from ₹61.304 crores in FY23.

Pine Labs Market Position

According to the Redseer Report, in India,they were the largest player in issuances of clos ed and semi-closed loop gift cards by transaction value in Fiscal Year 2024. They were also the largest digital affordability solution enabler at digital checkout points (“DCPs”) in terms of total processed value, among the top five in-store digital platforms, and a prominent Bharat Bill Payment System (“BBPS”) transactions processing solutions provider in Fiscal Year 2024, according to the Redseer Report.

As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions, respectively.

As of March 31, 2024, the company’s Total Income, Loss After Tax, and EBITDA were ₹2327.093 crores, ₹(145.487) crores, and ₹234.664 crores, respectively.

*Cash and cash equivalents are netted off with bank overdraft and cash credit facilities that are repayable on demand and form an integral part of the Group's cash management.

Note: () denotes negative

How to apply for Pine Labs IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

How to check the Allotment Status of Pine Labs IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Pine Labs IPO, visit the official website of KFin Technologies Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Pine Labs' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Pine Labs IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Pine Labs IPO allotment status. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Pine Labs IPO bid and allotment details will be displayed.