Pine Labs IPO
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Pine Labs IPO details
Schedule of Pine Labs
| Issue open date | 07 Nov 2025 |
| Issue close date | 11 Nov 2025 |
| UPI mandate deadline | 11 Nov 2025 (5 PM) |
| Allotment finalization | 12 Nov 2025 |
| Refund initiation | 13 Nov 2025 |
| Share credit | 13 Nov 2025 |
| Listing date | 14 Nov 2025 |
| Mandate end date | 26 Nov 2025 |
| Lock-in end date for anchor investors (50%) | 12 Dec 2025 |
| Lock-in end date for anchor investors (remaining) | 10 Feb 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Pine Labs
Pine Labs is a leading technology company focused on digitising commerce through advanced payment and issuing solutions. Founded to empower merchants, consumer brands, enterprises, and financial institutions, the company offers a comprehensive Digital Infrastructure and Transaction Platform that includes in-store and online payments, affordability solutions, value-added services like dynamic currency conversion, and fintech applications. Its issuing and acquiring platform supports prepaid and engagement solutions, helping partners enable seamless and secure transactions.
With a strong presence in India and international markets such as Malaysia, UAE, Singapore, Australia, the U.S., and Africa, Pine Labs processed 11,424.97 billion in gross transaction value (GTV) and 5.68 billion transactions in FY25. As of June 30, 2025, it serves over 988,000 merchants, 716 consumer brands and enterprises, and 177 financial institutions. Pine Labs is a market leader in prepaid card issuance and digital affordability solutions in India, according to the Redseer Report.
Financials of Pine Labs
Issue size
| Category | Funds Raised (₹ crores) |
| Total issue size | 3899.91 |
| Fresh Issue – Proceeds go to the company | 2080 |
| Offer for sale – Proceeds go to the existing investors | 1819.91 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/prepayment of borrowings | 532 (25.58%) |
| Investment in subsidiaries (Qwikcilver Singapore, Pine Payment Solutions Malaysia, Pine Labs UAE) | 60 (2.88%) |
| Investment in IT assets, cloud infrastructure, tech development, and procurement of DCPs | 760 (36.54%) |
| General corporate purposes | 728 (34.99%) |
Strengths
- Leading player in digital payments and issuing platforms with a strong tech stack.
- Integrated suite of in-store, online payments, and prepaid solutions.
- Strong market presence across India and Southeast Asia.
- Robust merchant partnerships and scalable cloud-based infrastructure.
- Recognised with multiple awards in fintech innovation and service.
Risks
- Recent financial losses due to high operating expenses.
- Exposure to fraud, chargebacks, and billing disputes.
- Dependency on cloud and tech partners like AWS for scalability.
- Regulatory challenges in expanding to new international markets.
- Vulnerable to competition from fintechs and government digital platforms like UPI.
Allotment Status for Pine Labs
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Pine Labs
As per media reports (Link), the Grey Market Premium (GMP) of Pine Labs is reported at ₹12 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on November 11, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 528.97 | 2097.93 | 3.97x |
| NII | 264.51 | 80.31 | 0.3x |
| Retail | 176.34 | 223.74 | 1.27x |
| Employees | 1.25 | 9.73 | 7.78x |
| Total | 971.07 | 2411.70 | 2.48x |