### Pine Labs IPO: Fintech Giant Gears Up for November 7 Launch Amid Trimmed Issue Size
Pine Labs, one of India's leading fintech unicorns specializing in digital payment solutions, is set to debut on the stock market with its highly anticipated initial public offering (IPO). The Noida-based company, backed by global investors like Blackstone and Visa, has filed its Red Herring Prospectus (RHP) with SEBI, reducing the fresh issue size from an earlier planned ₹2,600 crore to ₹2,080 crore to align with market conditions. The total issue size, including the offer for sale (OFS), is estimated at around ₹3,500 crore, positioning it as one of the largest fintech listings in recent times.
#### Company Overview
Founded in 1998, Pine Labs operates as a full-stack merchant commerce platform, enabling seamless digital payments for over 9.88 lakh merchants across retail, hospitality, and e-commerce sectors. Its ecosystem integrates point-of-sale (POS) devices, payment gateways, buy-now-pay-later (BNPL) options, and merchant financing through partnerships with 177 financial institutions (e.g., HDFC Bank, ICICI Bank) and 716 brands (e.g., Amazon Pay, Flipkart). The company processes billions in transaction volume annually, leveraging cloud-based infrastructure for scalability. Despite its growth trajectory, Pine Labs has grappled with profitability challenges in a competitive fintech landscape dominated by players like Paytm and Razorpay.
#### IPO Key Details
The book-built IPO will open for subscription on **November 7, 2025**, and close on **November 11, 2025**. Here's a quick timeline:
| Event | Date |
|------------------------|-----------------------|
| **Issue Open** | November 7, 2025 |
| **Issue Close** | November 11, 2025 |
| **Allotment Finalization** | November 12, 2025 |
| **Refund Initiation / Demat Credit** | November 13, 2025 |
| **Listing on BSE/NSE**| November 14, 2025 |
- **Issue Structure**: Fresh issue of equity shares worth up to ₹2,080 crore (to raise capital for the company) + OFS of 8.23 crore shares by existing shareholders (including promoters and investors like CapitalG and Swanstrom & Co.).
- **Price Band & Lot Size**: Not yet finalized; expected to be announced closer to the opening date. Retail investors can bid up to ₹2 lakh (cut-off bidding allowed).
- **Reservation**: 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), 10% for Retail Individual Investors (RIIs). Employee quota with possible discount.
- **Minimum Investment**: To be determined post-price band announcement; typically 1 lot for retail.
- **Lead Managers**: Axis Capital Limited.
- **Registrar**: KFin Technologies Limited.
#### Financial Snapshot
Pine Labs has shown revenue growth but continues to report losses, reflecting heavy investments in tech and expansion. Restated consolidated figures (in ₹ crore):
| Period Ended | Total Income | PAT | EBITDA | Total Assets |
|----------------|--------------|-----------|----------|--------------|
| Jun 30, 2025 | 653.08 | 4.79 | 120.56 | 10,904.32 |
| Mar 31, 2025 | 2,327.09 | -145.49 | 356.72 | 10,715.74 |
| Mar 31, 2024 | 1,824.16 | -341.90 | 158.20 | 9,648.56 |
| Mar 31, 2023 | 1,690.44 | -265.15 | 196.80 | 9,363.21 |
Revenue grew 28% YoY in FY25, with PAT improving 57% from deeper losses in FY24. Pre-IPO EPS: -₹1.38. The company aims to use proceeds for debt repayment (₹532 crore), tech investments (₹760 crore), overseas expansion (₹60 crore via subsidiaries), and general purposes.
#### What to Watch For
This IPO comes amid a bustling primary market, with investor appetite for fintechs tested by recent volatility (e.g., Paytm's post-IPO struggles). Risks include regulatory scrutiny on digital payments, competition, and forex exposure from international ops. Grey Market Premium (GMP) isn't active yet, but subscription could be strong from QIBs given Pine Labs' 25+ years of operations and $1B+ valuation potential.
For the latest on price band and GMP, check SEBI filings or platforms like Chittorgarh. As always, IPOs carry risks—consult a financial advisor before applying. This could be a game-changer for Pine Labs' growth in India's booming digital economy.
MUMBAI: Fintech unicorn Pine Labs is on course to launch its much-awaited initial public offering on November 7, planning to mop up Rs 2,080 crore through fresh issue of shares, down from Rs 2,600 crore earlier. Similarly, the company has also lowered its secondary sale of equities through the offer to 8.23 crore shares from 14.78 crore shares, which would translate into around Rs 1,500 crore, taking the total issue size close to Rs 3,500 crore.
The company, which competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, and Phonepe in the domestic market, and Adyen, Shopify and Block in the overseas markets, had got the Sebi approval on September 11, after filing the draft papers in June. The final OFS size will be known when the company announces the price-band on Monday.
But according to the updated filing, as of October 31, the fresh issue has been trimmed to Rs 2,080 crore and the OFS size is massively down to 8.23 crore shares from 14.78 crore or to around Rs 1,500 crore, an i-banker in the know of the likely price-band told TNIE here Saturday, taking the overall size of the issue close to Rs 3,500 crore.
Under the OFS, its external investors such as Peak XV Partners, London-based Actis, PayPal, Mastercard Asia Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW Xo Digital Finance Fund, Lone Cascade, Sofina Ventures and Pine Labs cofounder Lokvir Kapoor will be divesting a part of their holding.
