Pine Labs IPO
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About Pine Labs
Founded in 1998, Pine labs is a technology company specializing in digitizing commerce, providing digital payments and issuing solutions for merchants, consumer brands enterprises and financial institutions. Serving over 915,000 merchants, the company processed a Gross Transaction Value of ₹7.53 Lakh Crores in the first nine months of FY25. Its operations span India, South-East Asia, Australia, the US and Africa.
Financials of Pine Labs
Issue size
| Funds Raised in the IPO | Amount |
| Overall | |
| Fresh Issue | ₹2600 crores |
| Offer for sale |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/prepayment of borrowings | 870 (33.4%) |
| Investment in subsidiaries (expansion outside India) | 60 (2.3%) |
| Investment in IT assets, cloud infra, technology development and procurement of DCPs | 760 (29.23%) |
| General corporate purposes |
Strengths
- Growth led by large merchant network and omnichannel capabilities
- Market leadership in digitizing commerce with diversified product ecosystem of digital infrastructure, transaction, issuing and acquiring platform
- Consistent growth in Gross Transaction Volumes
- Strong institutional backing and consistent investment in technology
Risks
- Consistent net losses and negative cash flows in recent periods
- Highly competitive and dynamic industry, exposed to Regulatory and Licensing Risks
- Litigation exposure and several contingent liabilities, if materialised could adversely affect the financial health
- Heavy reliance on the Indian market, highlighting geographical concentration