Pine Labs, a merchant commerce platform backed by Mastercard and PayPal, has announced the price band for its upcoming Initial Public Offering (IPO) in Mumbai. The company aims to raise up to ₹39 billion (approximately $439 million) through the IPO.
Price Band and Valuation
The price band for the IPO has been set at ₹210 to ₹221 per share. At the upper end of this range, Pine Labs is seeking a valuation of ₹253.77 billion (approximately $2.86 billion). This valuation is lower than the $5 billion the company was valued at in 2022.
Key Dates
- Anchor Investor Bidding: November 6, 2025
- IPO Subscription Period: November 7 to November 11, 2025
- Allotment Finalization: November 12, 2025
- Refund Initiation: November 13, 2025
- Shares Credited to Demat Account: November 13, 2025
- Tentative Listing Date: November 14, 2025, on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)
Issue Details
The IPO comprises a fresh issue of ₹20.8 billion (reduced from the original plan of ₹26 billion) and an offer for sale of 82.3 million shares by existing investors. This is also a reduction from the earlier plan to sell 147.8 million shares. Investors participating in the offer for sale include Peak XV Partners (formerly Sequoia Capital India), PayPal, and Mastercard.
The IPO has reserved not less than 75% of the shares for Qualified Institutional Buyers (QIB), not more than 15% for Non-Institutional Investors (NII), and not more than 10% for retail investors. A discount of ₹21 per equity share is being offered to eligible employees.
The lot size for the IPO is 67 equity shares and in multiples of 67 equity shares thereafter.
Objectives of the IPO
Pine Labs intends to use the proceeds from the IPO for the following purposes:
- Overseas expansion
- Technology investment
- Debt reduction
Grey Market Premium (GMP)
Pine Labs had a grey market premium (GMP) that reached a high of ₹60 on November 1, 2025. The grey market premium is an unofficial market where IPO shares are traded before they are officially listed on the stock exchanges.
Company Overview
Founded in 1998, Pine Labs has evolved from a point-of-sale (POS) device provider to a full-stack merchant commerce platform. It offers a range of services, including buy-now-pay-later options, invoicing, loyalty solutions, and digital payments. As of Fiscal Year 2025, Pine Labs processed INR 11,42,497 crore in gross transaction value (GTV) across 568 crore transactions, serving 9,88,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. The company serves over one million merchants across India, Malaysia, and the UAE.
Financial Performance
In fiscal year 2025, Pine Labs reported revenue of ₹2,327.09 crores against ₹1,824.16 crore in 2024. However, the company reported a loss of ₹145.49 crores in 2025 against a loss of ₹341.90 crores in 2024.
