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Pine Labs IPO
Price Band
₹210.0–221.0
Issue Size
₹3900.17 Cr
Lot Size
67 shares
Min Investment
₹14,807
GMP
+₹5.5 (2.49%)
Issue Price
₹221.0
Subject to Sauda
₹300
Paid only if allotted
Pine Labs IPO AI Summary
- Pine Labs IPO is listed on BSE, NSE in the Financial Technology (Fintech) sector.
- Price band: ₹210.0–₹221.0 per share, lot size 67 shares (min. investment ₹14,807).
- Subscription window: 07 Nov–11 Nov 2025, listing on 14 Nov 2025.
- Current GMP is +₹5.5 (2.49%), an estimated listing price of ₹227 — unofficial and can change daily.
Pine Labs is a leading fintech company in India, offering a range of payment solutions and services. Despite its strong market presence and partnerships, the company faces challenges with profitability and financial stability. Investors should carefully consider these factors before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Pine Labs IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 11 Nov 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Pine Labs IPO Grey Market Premium (GMP) Today
GMP
+₹5.5
GMP %
+2.49%
Est. Listing
₹226.5
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes—from small retailers to large enterprises—with digital payment technologies and value-added services. Key Offerings: Smart POS Devices – Accept multiple forms of payments including credit/debit cards, UPI, mobile wallets, and EMIs. Buy Now Pay Later (BNPL) – Offers instant EMI solutions at the point of sale for various consumer goods. Merchant Financing – Provides short-term working capital loans to merchants through partnerships with financial institutions. Loyalty and Gift Solutions – Enables brands to offer loyalty programs, digital gift cards, and promotional campaigns. E-commerce and Online Payment Tools – Offers APIs and payment gateway services to support digital stores and apps. As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It has served top consumer brands, including Amazon Pay, LG Electronics, Flipkart Internet Private Limited and Redington. Under the financial institutions, its key customer base includes HDFC Bank, Axis Bank and ICICI Bank. Pine Labs has evolved from a card-based payment solution provider to a comprehensive fintech platform, playing a key role in India's shift to a cashless, digitally empowered retail economy. Competitive strengths Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions Full stack, cloud-based, scalable digital infrastructure and transaction platform Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions. Experienced, professional management team
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| 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 | -341.90 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.20 | 196.80 |
| NET Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
Key Ratios
EPS
₹-1.38
NAV
₹-22.43
RoNW
-4.15%
P/B Value
-9.85
P/E Ratio
-160.13
Market Cap
₹25376.65 Cr
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Marqeta Inc. | 180.2 | 2.34% | 101.2 | 4.25 | 4.25 |
| Block Inc. | 2925.7 | 14.51% | 16.1 | 399.5 | 387.6 |
| Shopify Inc. | 761.6 | 19.58% | 96.5 | 133.45 | 131.75 |
| Adyen N.V. | 13987.4 | 25.06% | 46.23 | 3058.07 | 3047.77 |
| Zaggle Prepaid Ocean Services (Zaggle) | 99.25 | 9.64% | 48.87 | 6.99 | 6.96 |
| One97 Communications (Paytm) | 235.54 | -4.69% | -110.98 | -10.35 | -10.35 |
| Pine Labs This IPO | -22.43 | -4.15% | — | -1.45 | -1.45 |
Promoters
No Identifiable Promoter
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment / prepayment, in full or in part, of certain borrowings availed of by Company and certain of Subsidiaries, 532.00 2 Investment in certain of Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding presence outside India 60.00 3 Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs 760.00 4 General corporate purposes and Unidentified Inorganic Acquisitions 626.33 5 Issue Expenses 194.00 Total 2,172.33
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,690.44 Cr for the period ending 31 Mar 2023, increasing to ₹1,824.16 Cr by 31 Mar 2024, and further rising to ₹2,327.09 Cr by 31 Mar 2025. However, for the most recent period ending 30 Jun 2025, total income was ₹653.08 Cr, which is a 9-month figure and not directly comparable to the previous full year.
Profit Trend
Profit after tax was negative at ₹-265.15 Cr for the period ending 31 Mar 2023, worsening to ₹-341.90 Cr by 31 Mar 2024. The situation improved slightly with a loss of ₹-145.49 Cr for the period ending 31 Mar 2025. In the most recent period ending 30 Jun 2025, profit after tax was ₹4.79 Cr, though this is a 9-month figure and not a full year, so isn't directly comparable.
Valuation
Pine Labs has an implied P/E ratio of -160.13 at the issue price, compared to peers trading at P/E ratios ranging from 16.1 to 101.2. This suggests that Pine Labs is priced at a significant loss relative to its earnings, which could indicate higher risk for investors.
Key Risks
Investors should consider the company's negative profitability and net worth, as well as the lack of identifiable promoters, which may pose risks to financial stability and governance. Additionally, the competitive nature of the fintech sector may impact future growth.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the expected price movement of an IPO on its listing day compared to its issue price. A positive GMP suggests that the stock is likely to list at a higher price than the issue price, while a negative GMP indicates the opposite. Investors often look at GMP as a sentiment indicator for the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market position. It is important to consider the financial stability and profitability trends before making a decision.
Who May Want to Wait
Investors who are risk-averse or prefer companies with established profitability and positive net worth may want to avoid this IPO due to its current financial challenges and lack of identifiable promoters.
IPO Timeline, Explained
The IPO opens for subscription on November 7, 2025, and closes on November 11, 2025. Allotment of shares is expected on November 12, 2025, with the listing date set for November 14, 2025.
Listing Gains — The Risk
While some IPOs may experience gains on their listing day, it is important to remember that such gains are not guaranteed. Market conditions, investor sentiment, and the company's financial performance can all impact the stock's price on listing day.
This evaluation is generated from Pine Labs's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Pine Labs IPO GMP today?
Pine Labs IPO GMP today is +₹5.5 (2.49%), indicating an estimated listing price of ₹227. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Pine Labs IPO?
The price band of Pine Labs IPO is ₹210.0–₹221.0 per share.
When does Pine Labs IPO open and close?
Pine Labs IPO opens on 07 November 2025 and closes on 11 November 2025.
When does Pine Labs IPO list on the stock exchange?
Pine Labs IPO listed on 14 November 2025 at ₹226.5.
What is the lot size for Pine Labs IPO?
The lot size for Pine Labs IPO is 67 shares, requiring a minimum investment of ₹14,807.
What is the price band for the Pine Labs IPO?
The price band for the Pine Labs IPO is ₹210.0 to ₹221.0.
What is the minimum investment amount for this IPO?
The minimum investment amount for this IPO is ₹14,807.
What is the lot size for the Pine Labs IPO?
The lot size for the Pine Labs IPO is 67 shares.
When is the listing date for the Pine Labs IPO?
The listing date for the Pine Labs IPO is November 14, 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price movement of an IPO on its listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
07 Nov 2025
Close
11 Nov 2025
Allotment
12 Nov 2025
Listing
14 Nov 2025
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