Pine Labs
November 7, 2025 – November 11, 2025
| Price | ₹0 - ₹0 |
| GMP Rumors * | ₹57 |
|---|---|
| Lot size | 0 |
| Issue size | - |
| Allotment | Nov 12, 2025 |
| Listing | Nov 14, 2025 |
Pine Labs About
Pine Labs IPO Details
| Total Issue Size | [.] shares (aggregating up to ₹[.] Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹2,080.00 Cr) |
| Offer for Sale | 82,348,779 shares (aggregating up to ₹[.] Cr) |
| Face Value | ₹1/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre IPO | 1,054,146,853 Shares |
Pine Labs IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | At least 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Key Performance Indicator (KPI)
| KPI | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ADJUSTED EBITDA MARGIN | 19.57% | 15.68% | 8.94% | 12.32% |
| EPS (BASIC) | 0.05 | -1.45 | -3.46 | -2.7 |
Financial Details In Crores
| Period Ended | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| Total Income | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| Profit After Tax | 4.79 | -145.49 | -341.9 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.2 | 196.8 |
| NET Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
Peer Comparison (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Pine Labs Limited | 1.00 | |
| One97 Communications Limited (“Paytm”) | -110.98 | 1.00 |
| Zaggle Prepaid Ocean Services Limited (“Zaggle”) | 48.87 | 1.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Pine Labs Limited | -22.43 | -4.15 | -1.45 |
| One97 Communications Limited (“Paytm”) | 235.54 | -4.69 | -10.35 |
| Zaggle Prepaid Ocean Services Limited (“Zaggle”) | 99.25 | 9.64 | 6.99 |
Company Overview
Key Offerings
Smart POS Devices: Enable merchants to accept multiple forms of payment, including credit and debit cards, UPI, mobile wallets, and EMIs, through advanced cloud-connected terminals.
Buy Now Pay Later (BNPL): Provides instant EMI and deferred payment solutions at the point of sale, boosting consumer affordability and sales conversions.
Merchant Financing: Offers short-term working capital loans to merchants through partnerships with financial institutions.
Loyalty and Gift Solutions: Through its subsidiary Qwikcilver, Pine Labs enables digital gift cards, loyalty programs, and promotional campaigns for brands and retailers.
E-commerce and Online Payment Tools: Provides APIs and payment gateway services that support online businesses, digital stores, and mobile applications
Objects of the Issue
The net proceeds from the IPO are proposed to be utilized for:
Repayment or prepayment of certain borrowings availed by the Company and its subsidiaries (₹532 crore)
Investment in subsidiaries including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to expand operations outside India (₹60 crore);
Investment in IT assets, cloud infrastructure, and technology development initiatives, including procurement of digital commerce platforms (₹760 crore); and
General corporate purposes and unidentified inorganic acquisitions aimed at strengthening Pine Labs’ ecosystem that connects merchants, brands, enterprises, and financial institutions.
Strength
Comprehensive Fintech Ecosystem:Integrates merchants, consumer brands, and financial institutions to enable seamless commerce transactions.
Full-Stack, Cloud-Based Platform:Scalable and secure infrastructure capable of handling high transaction volumes across geographies.
Strong Partnerships:Deep relationships with leading merchants, brands, and financial institutions, driving repeat business and cross-platform growth.
Weakness
Losses in Recent Years: The company recorded a loss of ₹1,871.70 million in FY 2024, and losses of ₹1,165.87 million and ₹3,419.03 million for the nine months ended December 31, 2024, and FY 2024, respectively (based on pro forma financials). There is no assurance of profitability in the near future.
Negative Cash Flows: Net cash used in operating activities was ₹(355.00) million in FY 2024, indicating potential liquidity risks if negative trends persist.
Customer Retention Risk: The company’s growth depends on retaining existing merchants and acquiring new ones. Any decline in customer engagement or loss of major clients could adversely affect operations and revenues.
Pine Labs Lead Manager(s)
Pine Labs Address
Unit No. 408,
4th Floor, Time Tower,
MG Road, DLF QE
Gurgaon, Haryana, 122002
Phone: +91 22 6986 3600
Email: cosecy@pinelabs.com
Website: http://www.pinelabs.com/
Pine Labs Registrar
Pine Labs Reviewers
| Reviewer | Recommendation | File |
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