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. It empowers businesses from small retailers to large enterprises with digital payment technologies and value-added services.
Pine Labs IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOPine Labs Limited is launching a ₹3,899.91 crore mainboard IPO comprising a fresh issue of 9,41,17,647 shares aggregating to ₹2,080.00 crore and an offer for sale of 8,23,48,779 shares aggregating to ₹1,819.91 crore. The offer opened on November 7, 2025 and closes on November 11, 2025, with allotment expected on November 12 and a proposed listing on BSE and NSE on November 14, 2025. The price band is fixed at ₹210 to ₹221 per share; the minimum retail application is 1 lot of 67 shares (₹14,807 at upper band). Eligible employees have a reservation of 1,25,000 shares at a discount of ₹21 per share.
| Face Value | ₹1 per share |
|---|---|
| Issue Price Band | ₹210 to ₹221 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 17,64,66,426 shares (aggregating up to ₹3,899.91 crore) |
| Fresh Issue | 9,41,17,647 shares (aggregating up to ₹2,080.00 crore) |
| Offer for Sale | 8,23,48,779 shares (aggregating up to ₹1,819.91 crore) |
| Employee Discount | ₹21 per share (1,25,000 shares reserved) |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 1,05,41,46,853 / 1,14,82,64,500 shares |
| Lead Manager | Axis Capital Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Investor Category | Shares Offered | Share % |
|---|---|---|
| QIB | 13,22,56,069 | 74.95% |
| NII (HNI) | 2,64,51,214 | 14.99% |
| Retail (RII) | 1,76,34,143 | 9.99% |
| Employee | 1,25,000 | 0.07% |
| Anchor | 7,93,58,986 | 44.97% |
| Application Category | Maximum Bidding Limits | Bidding at Cut‑off Price Allowed |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee limit up to ₹5 Lakhs; If applying as RII: up to ₹2 Lakhs; If applying as NII: sNII > ₹2 Lakhs up to ₹10 Lakhs and bNII > ₹10 Lakhs | Yes for Employee and RII/NII |
| Bid Date | Shares | Amount (₹ Cr) |
|---|---|---|
| Nov 6, 2025 | 7,93,58,986 | 1,753.83 |
Anchor lock‑in: 50% of anchor shares locked for 30 days (until Dec 12, 2025) and remaining 50% for 90 days (until Feb 10, 2026).
| IPO Open | Fri, Nov 7, 2025 |
|---|---|
| IPO Close | Tue, Nov 11, 2025 |
| Allotment (Tentative) | Wed, Nov 12, 2025 |
| Refunds Initiation | Thu, Nov 13, 2025 |
| Credit to Demat | Thu, Nov 13, 2025 |
| Listing (Tentative) | Fri, Nov 14, 2025 |
| UPI Mandate Cut‑off | 5 PM on Tue, Nov 11, 2025 |
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 67 | ₹14,807 |
| Retail (Max) | 13 | 871 | ₹1,92,491 |
| S‑HNI (Min) | 14 | 938 | ₹2,07,298 |
| S‑HNI (Max) | 67 | 4,489 | ₹9,92,069 |
| B‑HNI (Min) | 68 | 4,556 | ₹10,06,876 |
Amounts calculated at upper price band (₹221 per share).
Incorporated in 1998, Pine Labs is a leading merchant commerce platform providing POS solutions, payment processing, merchant financing, BNPL and loyalty solutions. As of June 30, 2025, Pine Labs served 9,88,304 merchants, 716 consumer brands and 177 financial institutions. The company powers digital payments and value‑added services for merchants and enterprises across India and other markets.
Competitive Strengths
- Integrated ecosystem connecting merchants, brands and financial institutions.
- Scalable cloud‑based transaction infrastructure and rich merchant tools.
- Deep partnerships with major banks and consumer brands.
- Experienced management team and strong product suite (POS, BNPL, financing).
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Total Borrowing |
|---|---|---|---|---|---|---|
| 30 Jun 2025 | 10,904.32 | 653.08 | 4.79 | 120.56 | 2,327.55 | 888.74 |
| FY2025 (31 Mar 2025) | 10,715.74 | 2,327.09 | -145.49 | 356.72 | -2,244.27 | 829.49 |
| FY2024 (31 Mar 2024) | 9,648.56 | 1,824.16 | -341.90 | 158.20 | -2,035.24 | 532.92 |
| FY2023 (31 Mar 2023) | 9,363.21 | 1,690.44 | -265.15 | 196.80 | -1,764.77 | 329.51 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue increased ~28% and reported PAT figures are shown above (restated consolidated).
Really helpful breakdown of the Pine Labs IPO details — especially the distinction between the fresh issue and offer for sale components. It’s interesting to see how Pine Labs is balancing capital infusion with partial exits by existing investors. The employee discount structure also stands out as a smart move to boost internal participation and morale before listing.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.info/ar/register?ref=FIHEGIZ8