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Pine Labs IPO: Fintech leader Pine Labs is all set to launch its much-anticipated initial public offering (IPO) on November 7, 2025, which will remain open for public subscription till November 11, 2025.

According to the red herring prospectus (RHP), the IPO is a book-building issue worth Rs 3,899.9 crore, comprising a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of Rs 1,819.91 crore by existing shareholders. The price band has been set between Rs 210 and Rs 221 per share.

Investors can bid for a minimum of 67 shares per lot, amounting to Rs 14,807 per lot at the upper band. The basis of allotment will be finalized on November 12, and the stock is likely to list on BSE and NSE on November 14, 2025.

The book-running lead managers to the issue are Axis Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, and Jefferies India. The registrar to the issue is KFin Technologies Limited.

The proceeds from the fresh issue will be utilized for

- Repayment or prepayment of outstanding borrowings - Investment in subsidiaries (Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE) to expand international presence - Investment in IT infrastructure and technology development initiatives - Capital expenditure for cloud infrastructure - General corporate purposes and strategic acquisitions

Pine Labs is a leading merchant commerce and fintech platform that provides payment, issuing, and digital infrastructure solutions to merchants, brands, and financial institutions. In FY2025, it processed Rs 11,424.97 billion in gross transaction value across 5.68 billion transactions.

The company operates under two primary segments — Digital Infrastructure & Transaction Platform and Issuing & Acquiring Platform — with a strong presence in India, Malaysia, UAE, and Australia.

In an exclusive interview with Anil Singhvi of Zee Business, Amrish Rau, Chairman, Managing Director, and CEO of Pine Labs, shared key insights into the company’s growth, operations, and future outlook.

Rau highlighted that Pine Labs has transitioned from point-of-sale (POS) transactions to a full digital ecosystem, powering both online and offline payments. “Today, even 9- or 12-month EMIs are processed digitally, and we are working closely with leading banks to deliver this service,” he said.

He added that over Rs 4 lakh crore worth of transactions were processed on Pine Labs’ payment interface recently. “We believe payments will become invisible in the future — and we are leading this transformation,” Rau told Zee Business.

Rau also mentioned that the company reported an adjusted EBITDA of Rs 120 crore this quarter. However, ESOP costs have slightly impacted profitability. Over the past three years, Pine Labs’ transaction volume has grown 60 per cent, and the company now holds a 90 per cent market share in the gift card segment.

“India’s top five banks are our customers, and our focus remains on scaling our technology and expanding internationally,” Rau said during the interview.

SBI Securities has given a ‘Subscribe’ rating for long-term investors, citing Pine Labs’ strong digital ecosystem, leadership position in merchant payments, and consistent innovation.

Analysts have cautioned about a few potential risks: - Customer concentration: High dependence on key merchant and banking partners. - Regulatory oversight: Subject to Reserve Bank of India (RBI) and RBI Information Technology Pvt Ltd (ReBIT) regulations. - Competitive pressures: Intense competition in the fintech and payment space could impact growth and margins.

Abhay Shukla is a Senior Sub-Editor at Zee Business, where he covers the stock markets, corporate news, personal finance, technology, and auto sectors.

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