Pine Labs IPO opens November 7: Will investors back the latest fintech IPO?
Pine Labs is finally heading for Dalal Street. The fintech major, which built its name in point-of-sale terminals and merchant payment solutions, will open its initial public offering on 7 November 2025.
The issue for Pine Labs IPO will be priced between ₹210 and ₹221 per share and will close on 11 November. Anchor book bids are scheduled for 6 November, allotment is expected on 12 November, and the company’s shares are likely to debut on 14 November on both exchanges.
What Does the Offer Include, and Where Will the Funds be Directed?
The public issue consists of a fresh share sale worth ₹2,080 crore and an offer for sale of 82.35 million shares by existing investors. At the upper end of the price range, the company aims to raise roughly ₹3,900 crore, giving it a market capitalisation of about ₹25,400 crore. There is also a small ₹2.5 crore employee quota, and the company’s pre-offer equity stands at a little over 105 crore shares.
According to the red herring prospectus, proceeds from the fresh issue will be used to repay borrowings, invest in technology and cloud infrastructure, expand digital checkout solutions, and strengthen overseas operations. Subsidiaries in Singapore, Malaysia, and the UAE are expected to receive part of the funds.
The issue is being managed by Axis Capital, Morgan Stanley India, Citigroup Global, JPMorgan India, and Jefferies India, with Kfin Technologies acting as registrar.
How have Pine Labs’ numbers changed over time?
Pine Labs has grown steadily, though profits have yet to stabilise. Revenue from operations has increased from ₹1,597.66 crore in FY23 to ₹2,274.27 crore in FY25. Net losses have narrowed from ₹265.14 crore in FY23 to ₹145.49 crore in FY25, and earnings per share have improved accordingly.
Total assets reached ₹10,715.74 crore in FY25, while combined cash and bank balances touched ₹6,033.12 crore. Total borrowings rose to 9,022.29 crore, largely to finance working capital and terminal purchases.
Although these are the most recent audited numbers, reports suggest Pine Labs turned a small profit of ₹4.8 crore in Q1 FY26, marking its first quarter in the black.
The direction of travel is clear: higher revenues, tighter cost control and smaller losses each year. For investors, that may be enough to signal a maturing business.
Why is This IPO in Focus?
Pine Labs has become one of the largest players in India’s merchant payments space, offering digital tools that connect banks, brands and retailers. Beyond card swipes, its ecosystem supports loyalty programmes, gift cards and consumer finance integrations.
The IPO also lands in a busy window for India’s capital markets, with several tech-driven companies planning listings this quarter. Pine Labs’ move to trim both its valuation and issue size from earlier plans reflects a more cautious read of sentiment. That moderation could, however, work in its favour by keeping pricing realistic. We could also see a pattern that reminds us ofUrban Companyposting a profit ahead of their IPO and immediately slipping back into losses after listing.
The company operates in a competitive environment, facing rivals such as Paytm and PhonePe, both of which have deeper consumer footprints. International expansion adds scale but brings its own currency and compliance challenges.
Will the Markets Accept Another Fintech?
Pine Labs is stepping out at a time when investors are again warming to growth-stage fintechs. It now has cleaner books, a diversified presence and a credible route to profitability. The real test, though, will come when trading begins on 14 November. Will investors see it as India’s next fintech success story, or simply another digital hopeful finding its feet?
Sources
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
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