Pine Labs' ₹3,900 crore IPO opened for subscription today, November 7, 2025, presenting investors with an opportunity to invest in the merchant commerce platform. The IPO comprises a fresh issue of ₹2,080 crore and an offer for sale (OFS) of ₹1,820 crore. The price band for the IPO has been fixed at ₹210 to ₹221 per share, and the issue will remain open until November 11. Shares are expected to be listed on the BSE and NSE on November 14.
Subscription Status
The bidding for the Pine Labs IPO began at 10:00 AM today. Initial reports indicate that the issue has been subscribed 7% so far. The IPO has reserved not less than 75% of the shares for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. Equity shares worth up to ₹25 million have been reserved for employees, with a discount of ₹21 per equity share being offered to eligible employees.
Grey Market Premium (GMP)
Ahead of the IPO opening, Pine Labs shares are trading with a grey market premium (GMP) of around ₹12 per share. This suggests that in the grey market, Pine Labs shares are trading at ₹233 apiece, a 5.43% premium over the IPO price of ₹221. However, it's important to note that GMP is not official data and is based on speculation.
Financial Snapshot
In FY25, Pine Labs reported a 19% annual increase in revenue, reaching ₹2,274.3 crore. Losses narrowed to ₹145.5 crore from ₹341.9 crore in FY24, although ESOP costs of ₹114.8 crore remained a significant factor. The company posted a profit of ₹4.8 crore in Q1FY25. Total transactions surged from 2.6 billion in FY23 to 5.7 billion in FY25, and the platform's GTV more than doubled to ₹114 lakh crore from ₹44 lakh crore during the same period. The company's international business share increased from 8.5% in FY23 to 14.9% in FY25, driven by new partnerships and higher adoption of Pine Labs’ payment solutions in Southeast Asia and the Middle East.
Should You Apply?
Analysts have expressed divided opinions on whether to subscribe to the Pine Labs IPO. Some analysts point to the company's continued losses at the net level and premium valuation compared to listed peers as reasons for caution. Angel One has assigned a "Neutral" rating, stating that the company's valuation cannot be meaningfully compared on a P/E basis, as it remains loss-making at the net level and on EV/Ebitda, it is trading at a premium to its listed peers, leading to valuation discomfort despite a strong sector and company outlook. Arihant Capital has assigned an "Avoid" rating, citing sustained pressure from high employee, technology, and acquisition integration costs.
Other analysts are more optimistic, highlighting the company's robust business model and growth potential. Pine Labs has delivered a healthy Revenue and EBITDA CAGR of 19.3% and 538.6% respectively between FY23-FY25. The company intends to use ₹532 crore from the IPO proceeds to repay debt.
About Pine Labs
Pine Labs, based in Noida, is a technology firm focused on digitizing commerce through digital payment processing and solutions for merchants, consumer brands, enterprises, and financial institutions. As of June 2025, Pine Labs operates through a network of 9.8 lakh merchants, 716 consumer brands & enterprises, and 177 financial institutions in India, Malaysia, Singapore, UAE, Australia, USA, and Africa. The company's technology stack supports the scale, speed, and security required in digital commerce, leveraging a cloud-native infrastructure.
Key Details
- IPO Size: ₹3,900 crore
- Price Band: ₹210-₹221 per share
- Lot Size: 67 shares
- IPO Dates: November 7-11, 2025
- Expected Allotment Date: November 12, 2025
- Tentative Listing Date: November 14, 2025
