Pine Labs IPO: Price Band, Dates, GMP, Market, Peer and Finacial Analysis
Pine Labs IPO Details
IPO Open
7 Nov 2025
IPO Close
11 Nov 2025
Price Band
₹210 – ₹221
Issue Size
₹3,899.91 Cr
Listing on
BSE, NSE
Min. Lot Size
67
Face value
₹1
GMP
₹22
Key Performance Indicators
Market Cap
₹25,377 Cr
D/E
0.23
EPS
₹-1 38
RoNW
-4.15%
EBIDTA
15.68
Sector
Digital Payments
Pine Labs IPO Timeline
The Pine Labs IPO listing date is expected to be November 14 2025, with allotment finalized on November 12 2025.
Introduction
In India’s booming digital payments market, Pine Labs has emerged as one of the country’s most trusted fintech brands — connecting merchants, banks, and consumers through its smart payment technology. From POS terminals that accept card and UPI payments to EMI options, loyalty programs, and gift card platforms, the company powers millions of transactions every day across India and Southeast Asia.
The much-awaited Pine Labs IPO is set to open on 7 November 2025 and close on 11 November 2025, with a price band of ₹210–₹221 per share. Valued at about ₹3,899.91 crore, the IPO includes a fresh issue and an offer for sale by existing investors such as Sequoia ( Peak XV Partners), Temasek, and Mastercard.
For investors, this listing is more than just another fintech debut — it’s a chance to participate in India’s next-generation merchant commerce story. But with tough competition from Paytm, Razorpay, and PhonePe, the big question remains: Can Pine Labs continue its strong growth and defend its market position?
In this analysis, we’ll break down all the key details — Pine Labs IPO price band, GMP, lot size, timeline, financials, peer comparison, and market outlook — to help investors decide whether this IPO deserves a place in their portfolio.
About Pine Labs
Pine Labs was founded in 1998 by Lokvir Kapoor with the aim of helping merchants manage their payment and loyalty systems more efficiently. What began as a simple solution to track card transactions for petroleum companies has grown into one of India’s leading fintech platforms. Over the years, Pine Labs transformed from a hardware-based POS provider into a full-stack digital payments and merchant commerce company. Today, Pine Labs serves over nine lakh merchants globally and partners with leading banks, financial institutions, and brands across India and Asia.
Business Model
Pine Labs operates primarily on a B2B (Business-to-Business) model. It earns revenue from:
Transaction-based fees charged to merchants and banks for payment processing.
Subscription and service fees from merchants using its value-added products.
Revenue from the sale and leasing of POS hardware.
Income from loyalty, gift card, and EMI-based programs offered to retail brands and customers.
This mix of transactional and subscription income gives Pine Labs a steady and scalable revenue model.
Brand & Market Positioning
Pine Labs is positioned as a trusted technology partner for merchants, offering reliable and innovative payment solutions. Unlike many fintech companies that focus on consumers, Pine Labs is recognized as a merchant-first brand — helping businesses accept payments, manage customer engagement, and access working capital solutions. It is viewed as a premium yet dependable B2B fintech company serving both large enterprises and small merchants.
Products & Services
Pine Labs provides a wide range of payment and merchant commerce solutions, including:
POS Machines (Smart Terminals): Allow merchants to accept card, UPI, and wallet payments.
Plutus Cloud Platform: Software that connects merchants, banks, and brands for payment and loyalty services.
Pay Later / EMI Solutions: Helps customers buy products on instalments and increases sales for merchants.
Gift Card and Loyalty Solutions: Digital gift cards and rewards systems for businesses and brands.
Payment Gateway & Online Checkout: Simplifies online payments for e-commerce and digital platforms.
Merchant Financing: Offers short-term credit and working capital solutions to merchants.
Issuing Solutions: Enables banks and fintechs to issue prepaid cards and co-branded payment instruments.
Flagship Products / Services
Plutus POS and Plutus Smart – advanced POS systems that integrate payment, EMI, and loyalty programs.
Qwikcilver – a leading gift card and prepaid solutions platform acquired by Pine Labs, widely used by major retail brands.
Pay Later (BNPL) – instalment-based financing solution offered at checkout, both offline and online.
Revenue Breakdown
While detailed percentages vary by financial year, Pine Labs earns most of its revenue from payment processing and merchant commerce services. A smaller portion comes from hardware sales and subscription-based SaaS offerings like loyalty and gift card programs. The recurring nature of payment transactions provides the company with a stable income stream.
Geographical Footprint
Pine Labs is headquartered in Noida, India, and operates across multiple countries in Asia and the Middle East, including Singapore, Malaysia, Indonesia, and the UAE. India remains its largest market, contributing the majority of revenue, while international operations are expanding rapidly as digital payments adoption grows globally.
Management & Promoters
Amrish Rau – CEO: A seasoned fintech leader with over two decades of experience, Amrish Rau previously led Citrus Pay and PayU India before joining Pine Labs in 2020. He is known for driving innovation and scaling fintech businesses.
Lokvir Kapoor – Chairman and Founder: The visionary behind Pine Labs, he continues to guide the company’s strategic direction and global expansion.
Karthik Vaidyanathan – CFO: Brings years of financial management experience, ensuring operational efficiency and profitability.
Major Shareholders / Promoters:
Early investors and key shareholders include Sequoia Capital, Temasek Holdings, Mastercard, PayPal, and other global institutional investors.
Corporate Structure
Pine Labs operates through a network of subsidiaries, including Qwikcilver Solutions, which handles its gift card business, and other entities that support international operations. The corporate structure is straightforward, with Pine Labs Limited as the parent company overseeing all business verticals.
Target Customers
Pine Labs targets merchants, retailers, and enterprises that need secure and flexible payment acceptance solutions. Its customers range from small local shops to major retail chains, hotels, and service providers. The company also collaborates with banks and NBFCs to offer co-branded financial solutions.
How They Make Money?
Pine Labs earns money through:
Transaction fees on payments processed via its POS and gateway systems.
Service fees and commissions on EMI and BNPL transactions.
Annual subscriptions for software and loyalty management platforms.
Sale and leasing of hardware devices like POS terminals.
Merchant financing interest income through partnerships with financial institutions.
Market Share
Pine Labs is among the top three POS and merchant commerce solution providers in India, competing closely with Paytm and Razorpay in the merchant acquiring space. It holds a strong share in physical retail POS payments, serving millions of merchants nationwide and maintaining partnerships with most leading banks and card networks.
About Pine Labs IPO
Pine Labs Limited, one of India’s leading fintech companies, is launching its much-awaited IPO in November 2025. The issue will open on November 7 and close on November 11, with anchor bidding on November 6. The company has fixed a price band of ₹210–₹221 per share, each with a face value of ₹2.
Pine Labs IPO is a Book Built Issue with a total size of ₹3,899.91 crore, comprising a Fresh Issue of ₹2,080 crore and an Offer for Sale (OFS) of ₹1,819.91 crore. Retail investors can bid for a minimum of 67 shares, translating to an investment of around ₹14,807 at the upper band.
Post listing, Pine Labs shares will be traded on both the NSE and BSE. The issue is managed by Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies, with Link Intime India Pvt. Ltd as the registrar. Proceeds from the fresh issue will fund expansion, technology development, and balance sheet strengthening, while the OFS offers a partial exit to investors like Sequoia Capital, Temasek, and Mastercard.
Pine Labs IPO Details
Company Name: Pine Labs Limited
IPO Type: Book Built Issue
Total Issue Size: ₹3,899.91 crore
Fresh Issue: ₹2,080 crore (new funds to the company)
Offer for Sale (OFS): ₹1,819.91 crore (by existing investors)
Price Band: ₹210 – ₹221 per equity share
Face Value: ₹2 per share
Minimum Lot Size: 67 shares
Minimum Retail Investment: ₹14,807 (at upper price band)
Listing Exchanges: NSE and BSE
Book Running Lead Managers (BRLMs): Axis Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, and Jefferies India
Registrar to the Issue: Link Intime India Pvt. Ltd
Promoters & Key Shareholders: Lokvir Kapoor, Sequoia Capital, Temasek Holdings, and Mastercard
Pine Labs IPO Timeline
Anchor Investor Bidding: November 6, 2025
IPO Opens for Public Subscription: November 7, 2025
IPO Closes: November 11, 2025
Basis of Allotment Finalization: November 12, 2025
Refunds / Share Credit to Demat Accounts: November 13, 2025
Listing Date on NSE & BSE: November 14, 2025
At the upper price band of ₹221 per share, Pine Labs is valued at around ₹26,000–₹27,000 crore (about USD 3.2 billion). This is notably lower than its 2022 private valuation of USD 5 billion, showing a more realistic pricing strategy to attract investors.
The IPO valuation implies a Price-to-Sales ratio of 7–8x and an EV/EBITDA multiple of 35–40x, based on FY24 estimates. Since Pine Labs has only recently turned profitable, the P/E ratio isn’t yet meaningful but is expected to stabilize as margins improve.
Overall, the valuation looks reasonable and growth-focused, balancing investor confidence with long-term potential in India’s fast-growing fintech market.
Digital Payments Industry Overview
Industry Overview
Pine Labs operates in India’s fast-growing digital payments and merchant commerce industry, a crucial part of the country’s fintech ecosystem. This industry helps businesses accept and manage payments through POS systems, UPI, cards, and digital wallets, connecting merchants, banks, and consumers seamlessly.
As India continues its shift toward a cashless economy, supported by initiatives like Digital India and UPI interoperability, the demand for secure and efficient payment solutions has never been higher.
Market Size and Growth
According to CRISIL and RedSeer Consulting, India’s digital payments market is expected to reach ₹8,300 lakh crore in annual transaction value by FY2030, growing at a CAGR of 20–22%.
The POS and merchant acceptance market, currently valued at around ₹30,000 crore (FY2024), is projected to expand at 12–15% per year.
With over 8 crore SMEs yet to fully digitize their payment processes, there is massive untapped potential. Companies like Pine Labs, which serve over 9 lakh merchants, are well-positioned to capture this growth.
Key Market Trends and Growth Drivers
UPI dominance: India accounts for over 40% of global real-time transactions, making UPI a global benchmark.
Tier-2 and Tier-3 expansion: Small retailers and regional businesses are rapidly adopting POS and QR-based payments.
BNPL and EMI solutions: “Buy Now, Pay Later” and EMI options are driving higher consumer spending.
Digital loyalty programs: Businesses are increasingly using gift cards, cashback, and rewards to retain customers.
Government and RBI support: Policies under Digital India and RBI’s payment aggregator framework are strengthening the ecosystem.
Competitive Landscape
India’s merchant payments market is moderately consolidated, led by Pine Labs, Paytm, and Razorpay, alongside regional players like Mswipe and Zaggle.
High entry barriers such as RBI licensing, capital-intensive infrastructure, and merchant relationship depth protect established players and ensure long-term stability.
Pine Labs enjoys a strong competitive moat through its partnerships with major banks, NBFCs, and retailers.
Regulatory Environment
The Reserve Bank of India (RBI) and NPCI oversee the payments infrastructure, ensuring compliance, safety, and interoperability.
The Digital Personal Data Protection (DPDP) Act, 2023, strengthens privacy and data governance, while RBI’s guidelines on Payment Aggregators set high standards for reliability and financial discipline.
Global Perspective and Future Outlook
Indian fintech innovations are now expanding globally for their scale and efficiency. Pine Labs already operates in Singapore, Malaysia, Indonesia, and the UAE, showcasing India’s potential as a global fintech exporter.
Looking ahead, the sector is expected to grow further with CBDC (Digital Rupee) adoption, AI-driven merchant analytics, and cross-border UPI integration.
With its strong technology base, merchant relationships, and expansion strategy, Pine Labs is well-positioned to lead India’s next phase of digital payment transformation.
Pine Labs IPO Peer Comparison
Market Capitalisation
Pine Labs: ~₹25,000–₹27,000 crore (based on upper IPO price band)
Razorpay: Estimated ₹75,000–₹80,000 crore (private valuation)
Paytm (One97 Communications): Around ₹80,000 crore (public market cap)
Mswipe: Approx. ₹2,500–₹3,000 crore (private valuation)
Zaggle Prepaid Ocean Services: Around ₹4,800–₹5,000 crore (listed valuation)
Price-to-Earnings (P/E) Ratio
Pine Labs: Not meaningful; recently turned profitable
Razorpay: Not publicly listed; P/E not available
Paytm: Currently not meaningful due to mixed profitability
Mswipe: Not disclosed; margins remain thin due to hardware-heavy model
Zaggle: Positive earnings; moderate valuation multiples
EV / EBITDA
Pine Labs: Around 35–40× (based on IPO valuation)
Razorpay: Estimated 20–25× (private market assumptions)
Paytm: Group multiple difficult to isolate
Mswipe: Around 10–15× (lower margins)
Zaggle: Approximately 12–18× (stable B2B business)
Gross Transaction Value (GTV)
Pine Labs: Handles transactions worth several lakh crore annually through offline POS and merchant networks
Razorpay: Processes high online transaction volumes via payment gateways and APIs
Paytm: Among India’s largest players by GTV across consumer and merchant segments
Mswipe: Moderate offline transaction volumes from small merchants
Zaggle: Lower GTV; focused on prepaid and corporate transactions
Take Rate (Revenue as % of GTV)
Pine Labs: Moderate blended take rate due to mix of hardware and services
Razorpay: Higher take rate because of SaaS-based offerings
Paytm: Mixed take rate due to wide product portfolio
Mswipe: Lower take rate owing to high competition and hardware dependence
Zaggle: Higher take rate from prepaid cards and loyalty services
Active Merchants / Clients
Pine Labs: Over 9 lakh merchants across India and Southeast Asia
Razorpay: Millions of online merchants, primarily in India
Paytm: Over 3 crore merchants; one of the largest merchant ecosystems
Mswipe: Around 7 lakh merchants, mostly in Tier-2 and Tier-3 cities
Zaggle: Over 3,000 corporate clients and 30 lakh+ prepaid users
FY24 / FY25 Revenue (₹ crore)
Pine Labs: ~₹2,300 crore (FY25 consolidated estimate)
Razorpay: ~₹2,800 crore (estimated)
Paytm: Over ₹8,000 crore (consolidated group)
Mswipe: ~₹300 crore (hardware and payments revenue)
Zaggle: ~₹1,400 crore (B2B and prepaid business)
FY24 / FY25 Net Profit (₹ crore)
Pine Labs: FY24 loss of ₹187 crore; near breakeven in FY25
Razorpay: Loss-making; reinvesting in growth and technology
Paytm: Narrowing losses; nearing breakeven in payments business
Mswipe: Small profits in hardware business
Zaggle: Consistently profitable with improving margins
EBITDA / Operating Margin
Pine Labs: ~10–11% EBITDA margin (improving trend)
Razorpay: Higher potential margins as software scales
Paytm: Mixed margins across business lines
Mswipe: Low margins due to hardware focus
Zaggle: Stable mid-level margins from recurring services
Debt / Balance Sheet Strength
Pine Labs: Low debt; funded mainly through equity
Razorpay: Debt-free; backed by strong venture funding
Paytm: Moderate leverage across its group companies
Mswipe: Some debt for working capital and hardware financing
Zaggle: Low debt, improving liquidity position
Product Breadth / Value-Added Services
Pine Labs: POS terminals, merchant lending, EMI/BNPL, gift cards, loyalty programs
Razorpay: Payment gateway, banking APIs, payroll, lending, and expense management
Paytm: Wallet, UPI, merchant payments, lending, insurance, and wealth management
Mswipe: POS devices and basic digital payment solutions
Zaggle: Prepaid cards, rewards, corporate expense management, and loyalty services
Geographic Diversification
Pine Labs: India, Southeast Asia, and Middle East operations
Razorpay: Primarily India, with some international SaaS clients
Paytm: India-focused; no major global presence
Mswipe: Entirely India-based
Zaggle: India-focused with selective corporate international clients
Technology & Innovation Strength
Pine Labs: Cloud-based POS and integrated merchant platform
Razorpay: API-first architecture, developer-driven innovation
Paytm: Large-scale consumer fintech platform with multi-service integration
Mswipe: Hardware-driven; limited innovation in software
Zaggle: SaaS-driven innovation in corporate rewards and expense tracking
Partnerships & Ecosystem Strength
Pine Labs: Deep relationships with banks, NBFCs, and large retail chains
Razorpay: Strong integration with e-commerce, SaaS platforms, and lenders
Paytm: Extensive partner network across financial services
Mswipe: Regional distribution partnerships in smaller towns
Zaggle: Strong partnerships with corporates and HR platforms
Revenue Mix (Hardware vs Software vs Subscription)
Pine Labs: Mix of hardware sales and growing recurring software revenue
Razorpay: Predominantly software and API subscription revenue
Paytm: Balanced mix of payments, lending, and consumer services
Mswipe: Hardware-heavy with transaction-based income
Zaggle: Recurring SaaS and prepaid-based income streams
Key Insights from Peer Comparison
Pine Labs leads the offline merchant payments market with strong partnerships and recurring service growth.
Razorpay dominates online merchant payments with high scalability and developer-driven products.
Paytm commands unmatched scale but faces margin pressure due to diversification.
Mswipe remains strong in small-town hardware POS but needs deeper value-adds.
Zaggle thrives in corporate rewards and expense management, a niche but stable segment.
Pine Labs IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Offer |
Pine Labs IPO Lot Size
| 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 |
Financials of Pine Labs
| 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 |
Pine Labs has shown a clear improvement in its financial performance over the past three years, moving steadily toward profitability and stronger balance sheet health.
Total Income rose from ₹1,690.44 crore in FY2023 to ₹2,327.09 crore in FY2025, reflecting solid revenue growth driven by higher transaction volumes and value-added services.
EBITDA improved sharply from ₹196.80 crore in FY2023 to ₹356.72 crore in FY2025, indicating better cost efficiency and operating leverage.
The company reported a Profit After Tax (PAT) of ₹4.79 crore for the quarter ended June 2025 — marking its first profitable quarter after two consecutive years of losses (₹341.90 crore loss in FY2024).
Total Assets increased to ₹10,904.32 crore, showing business expansion and investment in technology.
Net Worth turned positive in FY2025 at ₹2,327.55 crore, a strong recovery from negative equity in previous years.
Borrowings remain moderate at ₹888.74 crore, reflecting prudent financial management.
Objective of Pine Labs IPO
Business Expansion:
To fund the company’s growth across India and international markets, especially in Southeast Asia and the Middle East.Technology Development:
To invest in upgrading its cloud-based POS systems, digital lending, and merchant commerce platforms.Product Innovation:
To launch new value-added services such as loyalty programs, gift cards, BNPL, and advanced merchant analytics.Strengthen Balance Sheet:
To reduce debt and improve financial flexibility by enhancing working capital and liquidity.Brand Visibility & Market Leadership:
To increase brand recognition and establish Pine Labs as a leading fintech company post-listing.Offer for Sale (OFS):
To provide a partial exit to existing shareholders and early investors such as Sequoia Capital, Temasek, and Mastercard.
Pre Post Share Holding Pattern of Pine Labs
Pre IPO
| Shareholder | No. of Equity Shares | % Holding |
|---|---|---|
| Peak XV Partners Pine Investment Holdings | 21.60 crore | 20.25% |
| Macritchie Investments Pte. Ltd. (Temasek) | 7.53 crore | 7.06% |
| PayPal Pte. Ltd. | 6.37 crore | 5.98% |
| Actis Pine Labs Investment Holdings Ltd. | 6.13 crore | 5.75% |
| Mastercard Asia/Pacific Pte. Ltd. | 5.56 crore | 5.22% |
| Alpha Wave Ventures II, L.P. | 3.59 crore | 3.37% |
| AIM Investment Funds (Invesco) | 3.02 crore | 2.83% |
| Madison India Opportunities IV | 2.83 crore | 2.66% |
| B. Amrish Rau (CEO) | 2.63 crore | 2.47% |
| Lone Cascade, L.P. | 2.53 crore | 2.37% |
Post IPO
| Category / Shareholder | Shareholding (%) After IPO |
|---|---|
| Peak XV Partners Pine Investment Holdings (formerly Sequoia Capital India) | 17.4% |
| Macritchie Investments Pte. Ltd. (Temasek Holdings) | 6.2% |
| PayPal Pte. Ltd. | 5.2% |
| Actis Pine Labs Investment Holdings Ltd. | 4.9% |
| Mastercard Asia/Pacific Pte. Ltd. | 4.5% |
| Alpha Wave Ventures II, L.P. | 3.0% |
| AIM Investment Funds (Invesco) | 2.5% |
| Madison India Opportunities IV | 2.3% |
| B. Amrish Rau (CEO) | 2.1% |
| Lone Cascade, L.P. and Others | 2.0% |
| Public Shareholders (QIB + NII + Retail) | ~10.0% – 12.0% |
| Employee Trust / ESOP Holders | ~1.0% |
Pre-IPO Shareholding:
Before the IPO, Pine Labs was largely owned by institutional investors and venture capital funds, including Peak XV Partners (formerly Sequoia Capital), Temasek Holdings, Mastercard, PayPal, and Actis Capital.
Together, these investors held more than 70% of the company’s equity.
The CEO, B. Amrish Rau, and other senior management also owned small but meaningful stakes, showing strong leadership alignment.Post-IPO Shareholding:
After the IPO, the public shareholding (QIBs, NIIs, and retail investors) is expected to rise to around 10–12%, in line with SEBI’s minimum listing norms.
Institutional investors such as Peak XV, Temasek, and Mastercard will remain key shareholders but with slightly reduced stakes due to the Offer for Sale (OFS).
Pine Labs will become a professionally managed company with no single promoter, ensuring better governance and diversified ownership.
SWOT Analysis – Pine Labs Limited
Here’s a quick SWOT analysis of Pine Labs Limited before its IPO launch.
Strengths:
Leading fintech player in merchant commerce and POS solutions.
Backed by top investors – Peak XV (Sequoia), Temasek, Mastercard, and PayPal.
Diversified revenue mix – payments, EMI/BNPL, loyalty, and gift cards.
Strong partnerships with major banks and NBFCs.
Scalable cloud-based technology platform.
Weaknesses:
Thin profit margins due to hardware costs and competition.
Dependent on merchant transaction volumes.
Low consumer-facing brand awareness.
Rising compliance and regulatory costs.
Opportunities:
Expanding Indian digital payments market (₹8,000+ lakh crore by FY2030).
Increasing merchant adoption in Tier-2 and Tier-3 cities.
Growth in merchant lending, analytics, and loyalty programs.
International expansion in Southeast Asia and Middle East.
IPO funds to boost technology and new product development.
Threats:
Intense competition from Paytm, Razorpay, and other fintechs.
Regulatory changes and RBI compliance risks.
Rapid technology disruption (UPI, CBDC, embedded finance).
Cybersecurity and data privacy threats.
Macroeconomic slowdowns affecting SME transaction volumes.
FAQ about Pine Labs IPO
The IPO opens on November 7, 2025, closes on November 11, 2025, and is tentatively scheduled to list on November 14, 2025 .
The price band of Pine Labs IPO is set between ₹210 and ₹221 per equity share.
The Pin labs IPO Lot size is 67 shares. The minimum investment for a retail investor is ₹14,807 at the upper price band.
The total IPO issue size is ₹3,899.91 crore, consisting of a fresh issue of ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore by existing investors.
The Pine Labs IPO allotment date is expected to be November 12, 2025. Refunds and share credits to demat accounts will be completed by November 13, 2025.
The Pine Labs IPO listing is tentatively scheduled for November 14, 2025, on both the NSE and BSE.
Key shareholders include Lokvir Kapoor (Founder), Peak XV Partners (formerly Sequoia Capital India), Temasek Holdings, Mastercard, and PayPal. After the IPO, public investors will hold around 10–12% of the company.
Yes. Pine Labs reported its first quarterly profit of ₹4.79 crore in Q1 FY2026, after reducing losses from previous years. The company’s EBITDA also improved to ₹356.72 crore in FY2025, showing better operational performance.
Pine Labs is among the top three merchant commerce and POS payment solution providers in India, competing closely with Paytm and Razorpay in the digital payments ecosystem.
The Book Running Lead Managers (BRLMs) are Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies India.
The registrar to the issue is Link Intime India Pvt. Ltd
