Pine Labs IPO to open on 7 Nov, check price band, revised issue size, key details & more

Fintech company Pine Labs will launch its initial public offering on 7 November 2025, with a price band of Rs 210 to Rs 221 per share. Investors can apply in lots of 67 shares, with the IPO closing on 11 November. At the upper end, the company seeks to raise about Rs 3,900 crore, targeting a valuation of up to Rs 25,377 crore.

Anchor investors may place bids on 6 November. Axis Capital, Morgan Stanley India, Citigroup Global, JPMorgan India, and Jefferies India are the book running lead managers, with Kfin Technologies as registrar. The basis of allotment is scheduled for 12 November, and listing on the BSE and NSE is proposed for 14 November.

The minimum investment for retail investors is set by the lot size. Retail, sNII, and bNII investors must adhere to these multiples. Of the total IPO, a fresh issue will amount to Rs 2,080 crore, while existing investors—including Peak XV Partners, PayPal, and Mastercard—will sell 8.23 crore shares, down from 14.78 crore shares in the earlier prospectus.

Proceeds from the fresh issue are earmarked for debt repayment, IT asset investment, cloud infrastructure expenses, technology projects, and acquiring digital checkout points. Funds will also support investments in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions in Malaysia, and Pine Labs in the UAE to strengthen international reach.

Pine Labs, based in Noida, provides digital payment solutions for merchants, consumer brands, enterprises, and financial institutions. It operates in India and regions including Malaysia, the UAE, Singapore, Australia, the US, and Africa. The company’s platform enables digital transactions and payment processing across these markets.

For the nine months ending December 2024, Pine Labs reported a profit of Rs 26.14 crore on revenue of Rs 1,208 crore. Total borrowings stand at Rs 888.7 crore, mainly for working capital and term loans to purchase point-of-sale (POS) machines. Pine Labs competes with Paytm and Walmart-owned PhonePe.

The IPO size and valuation have been reduced from earlier plans, reflecting market sentiment since June. Existing shareholders are selling a smaller portion of their stake than originally planned