Pine Labs IPO: Check day 1 subscription status, analysts' views, latest GMP & more

The initial public offering (IPO) of Pine Labs was off to a muted bidding from the investors on the first day of the bidding process, mostly saw bidding from retail investors. The issue, which kicked off on Tuesday, November 07, shall close for bidding on Friday, November 11.

Pine Labs is selling its shares in the price band of Rs 210-221 apiece. Investors can apply for a minimum of 67 shares and its multiples thereafter. It is looking to raise Rs 3,899.91 crore via IPO, which included a fresh share sale of Rs 2,080 crore and an offer-for-sale (OFS) of up to 8,23,48,779 equity shares worth Rs 1,819.91 crore.

According to the data, the investors made bids for 1,07,31,524 equity shares, or 11 per cent, compared to the 9,78,93,739 equity shares offered for the subscription by 3.10 pm on Friday, November 08, 2025. The bidding for the issue shall continue for three-days.

The allocation for retail investors was subscribed 49 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of only six per cent. However, the quota set aside for qualified institutional bidders (QIBs) was yet to see any bids as of the same time.

Incorporated in 1998, Gurugram-based 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.

Brokerage firms have mixed views on this IPO with some suggesting to subscribe to it, thanks to its strong market share and scale, large footprint, potential reduction of debt and favourable tailwinds. However, others see it as a clear avoid on the back of loss making nature of business, expensive valuations, execution challenges and other risks.

From a valuation standpoint, at the upper end of the price band, the issue is valued at an implied marketcap/sales multiple of 11.2 times based on FY25 revenues, said BP Equities. "Given India’s fast-growing digital payments sector, robust profitability trajectory, efficient capital allocation, and global scaling potential, we recommend a 'subscribe' rating for a medium-to-long term."

Ahead of its IPO, Pine Labs raised over Rs 1,753.8 crore from 71 investors via anchor investors as it allocated 7.93 crore equity at Rs 221 apiece. It has reserved 75 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of only 10 per cent in the IPO.

Pine Labs plans to extend its mid-market merchant coverage through UPI-first DCPs, broaden affordability solutions to newer verticals such as healthcare and education, and increase adoption of loyalty and analytics services. It is expanding in Southeast Asia, UAE, Australia, and the US, with these regions’ combined digital payment opportunity projected to grow $3.1–3.2 trillion, said Arihant Capital.

"While Pine Labs stands out as one of India’s most established full-stack fintech infrastructure platforms, its current fundamentals and valuation leave limited room for near-term benefit. However, it remains a loss-making at PAT level, which shows sustained pressure from high employee, technology, and acquisition integration costs," it added with an 'avoid' rating.

Pine Labs reported a net profit of Rs 4.79 crore with a revenue of Rs 653.08 crore for the quarter ended on June 30, 2025. The company clocked a net loss of Rs 145.49 crore, while revenue of Rs 2,327.09 crore for the financial year ended on March 31, 2025. At current valuations, the company shall command a market capitalization of Rs 25,376.65 crore.

Pine Labs has reserved 75 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of only 10 per cent in the IPO. Last heard, Pine Labs was commanding a grey market premium of only Rs 5 apiece, suggesting a muted 2 per cent upside for the investors over the upper end of the price band.

Axis Capital, Citigroup Global Markets India, Morgan Stanley India Company, Jefferies India and JP Morgan India is the book running lead manager and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Friday, November 14.