Pine Labs IPO: The initial public offering (IPO) of merchant commerce platform Pine Labs Ltd opens for subscription today, 7 November 2025, to raise nearly ₹3,900 crore from the primary markets. Pine Labs IPO will remain open till Tuesday, November 11.
price band is set at ₹210 to ₹221.00 per share. The IPO lot size is 67 shares, and the minimum investment amount required by a retail investor is ₹14,807.
At the upper-end of the price band, the company aims to raise ₹3,899.91 crore from the book-building issue, which is a combination of fresh issue of 9.41 crore equity shares worth ₹2,080 crore, and an offer-for-sale of 8.23 crore shares aggregating to ₹1,819.91 crore.
As per the IPO timeline, Pine Labs IPO opens for subscription on November 7, and closes on November 11. The IPO allotment date is likely November 12, and the tentative IPO listing date is November 14. Pine Labs shares will be listed on BSE and NSE.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the Pine Labs IPO registrar.
Pine Labs IPO: Subscription Status
The bidding for the Pine Labs IPO will begin at 10:00 AM. The subscription status will be updated after that.
Pine Labs IPO GMP Today
Pine Labs shares are witnessing a decent trend in the unlisted market with a modest grey market premium (GMP). According to market experts, today is ₹12 per share. This means that in the grey market, Pine Labs shares are trading higher by ₹12 apiece than their issue price.
Pine Labs IPO GMP today signals that the equity shares are trading at ₹233 apiece in the grey market, a premium of 5.43% premium to the IPO price of ₹221 per share.
Pine Labs IPO: Apply or not?
Pine Labs is a Fintech company operating 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 as of Jun’25. The company has built long-lasting relationships with marquee clients like HDFC Bank, Croma, LG Electronics, etc and is ready to capitalize on the ~ ₹276 trillion market opportunity by FY29P.
Between FY23-FY25, the company has delivered a healthy Revenue and EBITDA CAGR of 19.3% and 538.6% respectively. Furthermore, the company plans to repay debt of ₹532 crore through the proceeds from the IPO.
“At the upper price band, stock is trading at EV/Sales, EV/EBITDA and EV/Adj EBITDA multiple of 8.0x, 82.8x and 50.7x, respectively, based on post-issue capital. Pine Labs’ operations have witnessed a turnaround with robust growth in EBITDA and adj EBITDA during the FY23-FY25 period. On the back of a robust business model, going forward, we believe the company is well placed to deliver profitable growth and hence, we recommend investors to subscribe to the issue with a long-term investment horizon,” SBI Securities said.
Swastika Investmart believes that based on current financials, Pine Labs IPO seems aggressively valued, and hence, advises investors to avoid this IPO for now, considering the high valuation and limited short-term visibility.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.