Updated on 14.11.2025 @ 11:32 AM
Initial Public Offering (IPO) of Pine Labs Limited is set to open on November 7, 2025. This major IPO from a homegrown fintech player aims to raise nearly ₹3,900 crores.
The issue comprises a fresh issue to fund expansion and an Offer for Sale (OFS) by its existing shareholders.
The price band has been fixed at ₹210 to ₹221 per share, with a lot size of 67 shares.
The IPO is already creating a strong buzz in the unlisted market, with a healthy Grey Market Premium (GMP) of ₹60, indicating robust investor demand and the potential for a strong listing.
For more upcoming and recent IPO updates, visit our IPO Hub for detailed GMP trends, allotment dates, and analysis.
In this article, you will find Pine Labs IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Pine Labs IPO Details
- Price Band: ₹210 – ₹221 per share
- IPO Open / Close Dates: November 7, 2025 – November 11, 2025
- Lot Size: 67 Shares
- Issue Size: ₹3,899.91 Crores (Fresh Issue of ₹2,080 Cr + OFS of ₹1,819.91 Cr)
- Fresh Issue / OFS: Both
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE & NSE
What is Pine Labs IPO GMP Today?
Note: The current Grey Market Premium (GMP) of ₹60 suggests a potential listing premium of around 27% over the upper price band. GMP is an unofficial indicator and changes frequently based on market sentiment and subscription demand.
Update--listed at premium.
Listing updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 221 | 242 | 9.5 |
What are The Key Pine Labs IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 7, 2025 – November 11, 2025
- Basis of Allotment Date: November 12, 2025
- Refund Initiation Date: November 13, 2025
- Credit of Shares: November 13, 2025
- Listing Date: November 14, 2025
What Are The Objectives of Pine Labs IPO?
The company intends to utilise the net proceeds from the public offering for the following key purposes:
- Fresh Issue: The proceeds from the fresh issue (₹2,080 crores) will be used for debt repayment, investment in international subsidiaries for global expansion, and funding technology development initiatives.
- Offer for Sale: The proceeds from the OFS (₹1,819.91 crores) will go directly to the selling shareholders and will not be received by the company.
How is the Financial Performance of Pine Labs?
(Pro Forma Consolidated, in ₹ Crores)
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 | -341.9 | -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 |
The financial history of Pine Labs is one of high growth but also consistent losses. The company's revenue has grown at a strong pace, but it has yet to achieve profitability.
For the (FY25), the company reported a loss of -145.49 crores.
Source: SEBI
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The company is coming to the market under a special provision (Regulation 6(2) of SEBI ICDR) because it doesn't meet the standard profitability criteria, mandating a 75% allocation to institutional investors (QIBs).
Industry Outlook
- Pine Labs is a key player in India's massive and rapidly growing digital payments ecosystem.
- The total payment value in India is projected to grow at a CAGR of 23-25% to reach ₹265 trillion by 2028.
- Pine Labs, with its extensive network of point-of-sale (POS) terminals and a comprehensive suite of payment and issuing solutions, is a major enabler of this digital transformation.
- The company is also expanding its footprint in high-growth international markets like Southeast Asia and the Middle East.
You may also like reading about other major IPOs such as Lenskart IPO, Groww IPO, Studds IPO to compare market positioning and valuation trends
What Are the Strengths and Risks of Pine Labs IPO?
Strengths:
- Market Leader in a High-Growth Sector: A dominant player in the digital payments industry with a proven track record of scale and growth.
- Strong Brand and Platform: A well-recognized brand with a comprehensive and integrated suite of solutions for merchants.
- Improving Operating Profitability: The company's operating profitability, as measured by Adjusted EBITDA, has been improving, indicating a move towards financial sustainability.
- Large and Growing International Opportunity: A clear strategy to expand into large and underpenetrated global markets.
Risks:
- History of Sustained Losses: This is the biggest red flag. The company has consistently reported losses and is yet to demonstrate a clear path to net profitability.
- Intense Competition: The digital payments industry is highly competitive, with pressure from banks, other fintech players, and large technology companies.
- Regulatory Scrutiny: The business operates in a highly regulated environment, and any adverse changes in RBI policies could impact its operations.
- Doesn't Meet Standard IPO Norms: The company is listing under a special provision due to its lack of profitability, which is a point of caution for retail investors.
What Are The Expert Recommendations – Should You Apply?
High Risk (Apply for Listing Gains)
The Pine Labs IPO is a classic case of a high-growth, loss-making tech company coming to the public market. The investment thesis is a bet on its future growth and eventual profitability.
- For Long-Term Investors: This is a high-risk bet. Investing in a company that is not yet profitable requires a strong belief in its long-term potential and a high tolerance for risk.
- For Listing Gains: The strong Grey Market Premium of around ₹60 indicates robust investor demand and the possibility of a strong listing day gain of around 27%. This makes the IPO very attractive for those seeking short-term gains.
- Our View: The IPO is a high-risk proposition due to the company's loss-making history. However, the strong brand, market leadership, and very healthy GMP cannot be ignored. We recommend "Apply for Listing Gains". Investors should book profits on the listing day and can re-evaluate the company for long-term investment once it demonstrates a clear path to profitability.
f you prefer disciplined investing over IPO speculation, explore our SIP Calculator to plan regular investments for long-term wealth building
Key Takeaways
- IPO Price Band: ₹210 – ₹221 per share
- Lot Size: 67 Shares (Minimum Investment: ₹14,807)
- GMP Today: ₹60 (Indicating a strong premium of ~27%)
- Allotment & Listing Dates: Tentative listing on November 14, 2025.
- Recommendations of experts: A high-risk issue. Recommended to apply for listing gains, given the strong GMP and market sentiment. Long-term investors should be cautious due to the company's lack of profitability.
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FAQs on Pine Labs IPO
What is Pine Labs IPO price band?
The price band for the IPO is set at ₹210 to ₹221 per equity share.
What is Pine Labs IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, November 12, 2025.
How to check Pine Labs IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. The IPO allotment status can also be checked at the respective exchange.
What is Pine Labs IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Friday, November 14, 2025.
Should I apply for Pine Labs IPO?
This is a high-risk IPO as the company is loss-making. However, the strong market interest and healthy Grey Market Premium make it attractive for listing gains. Long-term investors should proceed with caution.
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Useful Links: PINE LABS LIMITED
Disclaimer:
This article is for informational purposes only and is not a recommendation to buy, sell, or apply for any IPO. Investors should do their own research or consult a financial advisor before making any investment decisions.
