It can be challenging for investors to decide if the Pine Labs IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, donāt worry. This article presents the top key factors and a detailed review of the Pine Labs IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.
About Company
Pine Labs, founded in 1998, is one of the growing Indian merchant commerce companies that offers point-of-sale (POS) solutions, payment processing, and merchant financing services. The companyās portfolio consists of a wide range of offerings such as Smart POS Devices, Buy Now Pay Later (BNPL), Merchant Financing, Loyalty and Gift Solutions, and E-commerce and Online Payment Tools.
Its headquarters are situated in Noida, India, the company supports businesses of all sizes that including small to large businesses, with digital payment technologies and services. The company includes 915,731 merchants as of December 31, 2024, serving major consumer brands such as Amazon Pay, LG Electronics, Flipkart Internet Private Limited, and Redington.
Strengths
- The company offers an ecosystem that brings merchants, brands, businesses, and financial institutions together to enable smooth transactions and create growth opportunities.
- The company operates a full-stack, cloud-based technology platform that is both flexible and scalable.
- Pine Labs offers the ability to consistently innovate new features and solutions.
- The firm is supported by an experienced and professional management team with strong leadership.
Weaknesses
- If they are unable to keep the existing or attract the new customers, it can badly affect the companyās financial, business, and cash flow.
- There are some ongoing legal cases against the company and its subsidiaries. If any negative outcomes occur, like fines or liabilities can adversely impact the business, reputation, and cash flow.
- If the people use fewer payment methods like cards, UPI, or wallets on its platform, or if the payment industry faces any challenges can negatively affect the companyās growth and profits.
- As of June 2025, the company generated a profit of ā¹44.97 crore after experiencing years of loss.
- Over the last 3 years, the company has had a low return on equity of -2.93%.
Pine Labs IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Swastika Investmart Ltd | Avoid |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Pine Labs IPO Details
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Face Value: | ā¹1 Per Equity Share |
| IPO Price Band: | ā¹210 to ā¹221 Per Share |
| Issue Size: | Approx ā¹3,899.91 Crores |
| Fresh Issue: | ā¹2,080 crores |
| Offer-for-Sale: | up to 82,348,779 equity shares |
| Registrar | KFin Technologies Limited |
| IPO Lead Managers | Axis Capital Limited Morgan Stanley India Company Pvt Ltd Citigroup Global Markets India Private Limited J.P. Morgan India Private Limited Jefferies India Private Limited |
| Basis of Allotment | November 12, 2025 |
| IPO Listing Date: | November 14, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total income | ā¹653.08 Crores | ā¹2,327.09 Crores | ā¹1,824.16 Crores |
| EBITDA | ā¹120.56 Crores | ā¹356.72 Crores | ā¹158.20 Crores |
| Profit After Tax (PAT) | ā¹4.79 Crores | ā¹-145.49 Crores | ā¹-341.90 Crores |
| Net Worth | ā¹2,327.55 Crore | ā¹-2,244.27 Crore | ā¹-2,035.24 Crore |
| Total Borrowings | ā¹888.74 Crores | ā¹829.49 Crores | ā¹532.92 Crores |
Key Indicators
| KPI | Values |
| RoNW | -4.15% |
| EBITDA Margin | 15.68% |
Promoters & Track Records, if any
- The Company Does Not Have An Identifiable Promoter.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,05,41,46,853 | -% |
| Promoter Holding Post Issue | 1,14,82,64,500 | -% |
Peer Comparison With the Company
| Name of the Company | Face Value (ā¹) | Basic EPS (ā¹) | Diluted EPS(ā¹) | RONW (%) | P/E Ratio | NAV(ā¹) |
| Pine Labs Limited | 1 | (1.45) | (1.45) | (4.15) | [ā] | (22.43) |
| Indian Listed Peers | ||||||
| One97 Communications Limited (āPaytmā) | 1 | (10.35) | (10.35) | (4.69) | (110.98) | 235.54 |
| Zaggle Prepaid Ocean Services Limited (āZaggleā) | 1 | 6.99 | 6.96 | 9.64 | 48.87 | 99.25 |
| Global Listed Peers | ||||||
| Adyen N.V. (āAdyenā) | 1.03 | 3,058.07 | 3,047.77 | 25.06 | 46.23 | 13,987.40 |
| Shopify Inc. (āShopifyā) | N.A | 133.45 | 131.75 | 19.58 | 96.50 | 761.60 |
| Block, Inc. (āBlockā) | 0.00 | 399.50 | 387.60 | 14.51 | 16.10 | 2,925.70 |
| Marqeta, Inc. (āMarqetaā) | 0.01 | 4.25 | 4.25 | 2.34 | 101.20 | 180.20 |
Industry Peer Group P / E ratio
The fintech/financial-technology industry peer group has a P/E ratio ranging from N.M (not meaningful) to 101.20, with an average P/E ratio of 61.78.
Expansion
- The proceeds raised from the fresh issue will be utilized towards the repayment/prepayment of existing borrowings taken by the company.
- Some funds will be used towards the Investment in certain of the Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding presence outside India.
- A portion of funds will be utilized for the Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives, and procurement of DCPs.
- Lastly, the remaining funds will be used for the companyās general corporate purposes.
Pine Labs IPO – Should You Apply or Not?
Pine Labs IPO offers a strong market leadership, diversified business model, innovative offerings, and a scalable and tech-driven Fintech Platform, which positions them for long-term growth potential. However, intense competition, regulatory risks, limited profitability, and higher valuation are some risks investors must keep in mind before applying.
As of November 5, the GMP of Pine Labs is ā¹21, showcasing a potential listing of around 8%-11%. Short-term investors may consider applying for the listing gains due to the attractive GMP and strong brand recognition. And cautious investors must carefully analyze the companyās financial background, risks, strengths, and valuation concerns before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the companyās RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
