Pine Labs IPO: The initial public offering (IPO) of the fintech company, Pine Labs, is set to open for public subscription on Friday, November 7, and will remain open until Tuesday, November 11. The mainboard IPO is a combination of fresh issue of 9.41 crore shares and an offer for sale (OFS) of 8.23 crore shares. has been fixed in the range of ₹210 to ₹221 per equity share.
From the fresh issue of shares, the company aims to raise ₹2,080 crore, which it intends to utilise for business expansion, repayment or prepayment of certain borrowings, and general corporate purposes.
Pine Labs IPO share allotment is expected to be finalised on Wednesday, November 12, and investors could get the shares credited to their demat accounts on Thursday, November 13.
The IPO is expected to be listed on the BSE and the NSE on Friday, November 14.
Meanwhile, Pine Labs IPO is witnessing decent investor interest in grey markets, as, according to sources, the latest grey market premium (GMP) of Pine Labs IPO was ₹35, indicating the stock could be listed at a premium of 16 per cent.
Pine Labs IPO: 10 key things to know from RHP
Here are 10 key things to know from the Red Herring Prospectus (RHP) of the Pine Labs IPO:
1. Top investor selling shareholders
There are 10 investors selling shareholders in the OFS, among which Peak XV Partners Pine Investment Holdings is offloading the maximum shares to the tune of 2.30 crore.
Actis Pine Labs Investment Holdings Limited is selling 88.08 lakh shares, PayPal Pte. Ltd. is selling 67.87 lakh shares, and Mastercard Asia/Pacific Pte. Ltd. is offloading 59.25 lakh shares.
2. Book-running lead managers and registrar
Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Jefferies India Private Limited are the book-running lead managers of the issue. KFin Technologies is the registrar of Pine Labs IPO.
3. Objects of the offer
The company wants to utilise the net proceeds from the fresh issue for (I) the repayment or prepayment, in full or in part, of certain borrowings, (ii) the investment in some of its subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine
Labs UAE for expanding its presence outside India, (iii) the investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points, and technology development initiatives, and (iv) general corporate purposes and unidentified inorganic acquisitions.
4. Pine Labs’ promoters
In its RHP, Pine Labs has mentioned that it does not have an identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act, 2013.
According to the RHP, Peak XV Partners Pine Investment Holdings, which holds 20.25 per cent of the issued and paid-up share capital of the company, is the only shareholder that controls 15 per cent or more of the voting rights in the company.
5. Pine Labs’ management
The company’s board comprises six directors, of whom two are executive directors, one is a non-executive nominee director, and three are independent directors.
B. Amrish Rau, 52, is the Chairman, Managing Director, and Chief Executive Officer of the company.
Kush Mehra, 44, is the Executive Director, President and Chief Business Officer – Digital Infrastructure and Transaction Platform, of Pine Labs.
6. Pine Labs’ business overview
Pine Labs is a fintech company, offering digital payments solutions for merchants, consumer brands and enterprises, and financial institutions.
“In fiscal year 2025, we processed payments of ₹11,424.97 billion in gross transaction value (GTV) and 5.68 billion transactions through our platforms. As of June 30, 2025, we had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions, who used our platforms to enable transactions quickly, securely and easily manage their business,” the RHP reads.
7. Pine Labs’ growth prospects
According to the RHP, the total market opportunity in terms of total payment value (TPV) for Pine Labs in India is projected to grow to ₹256-276 trillion ($3-3.3 trillion) by FY29 at a CAGR of 22-24 per cent. This could be because of increasing penetration of affordability solutions and card usage as the digital payment ecosystem across in-store and online matures.
8. Pine Labs’ financial performance
Pine Labs’ consolidated profit for the three-month period ended June 30, 2025, was ₹4.79 crore compared to a loss of ₹27.89 crore in the corresponding period of the previous financial year.
Revenue from operations for the three-month period ended June 30, 2025, was ₹615.91 crore compared to ₹522.42 crore year-on-year.
9. Suffered a huge loss in FY25
The company incurred a loss of ₹145.49 crore in FY25, ₹341.90 crore in FY24 and ₹265.15 crore in FY23 as it has invested heavily in the growth of its business. The company says there can be no assurance that it will not continue to suffer losses in the future.
10. Regulatory risk
The company’s operations are subject to regulation, oversight and inspection by the Reserve Bank of India (RBI) and the Reserve Bank Information Technology Private Limited (ReBIT). Any adverse observations, proceedings or notices from the RBI or ReBIT may adversely affect its business, financial condition, results of operations and prospects.
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