India’s digital payments leader Pine Labs is finally going public this week! After receiving SEBI approval, the fintech giant will launch its highly anticipated IPO on November 7, 2025, aiming to raise approximately ₹3,500 crore. For investors looking to capitalize on India’s booming digital economy, this could be a game-changing opportunity.
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Pine Labs IPO Quick Facts
| Details | Information |
|---|---|
| IPO Open Date | November 7, 2025 |
| IPO Close Date | November 11, 2025 |
| Anchor Book Opens | November 6, 2025 |
| Allotment Date | November 12, 2025 |
| Listing Date | November 14, 2025 (Tentative) |
| Fresh Issue | ₹2,080 crore |
| Offer for Sale (OFS) | 8.23 crore shares (~₹1,500 crore) |
| Face Value | ₹1 per share |
| Exchanges | BSE & NSE |
Issue Structure and Use of Funds
The IPO comprises a fresh issue of ₹2,080 crore and an Offer for Sale (OFS) of up to 8.23 crore equity shares. This represents a strategic reduction from the original plan of ₹2,600 crore, reflecting adjustments to current market conditions.
The company will utilize proceeds for debt repayment, IT asset investments, cloud infrastructure expansion, technology development initiatives, and procurement of digital checkout points. Additionally, funds will be invested in subsidiaries like Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE for international expansion.
Who’s Selling? High-Profile Investors Exiting
The OFS component features several marquee investors partially cashing out, including Peak XV Partners (formerly Sequoia), London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek, Invesco, and even co-founder Lokvir Kapoor. These exits signal confidence in the company’s valuation while providing liquidity to early backers.
Why Pine Labs Matters
Founded in 1998, Pine Labs serves over 915,000 merchants and processed a Gross Transaction Value of ₹7.53 lakh crores in the first nine months of FY25. The company’s operations span India, Southeast Asia, Australia, the US, and Africa, making it a truly global fintech player.
As of June 30, 2025, its platforms were used by over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions. The company has long-standing relationships with major brands like Croma and HDFC Bank, with some partnerships extending over a decade.
According to the Redseer Report, Pine Labs was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY2025.
The Investment Banking Dream Team
The IPO is backed by a powerful syndicate of book-running lead managers: Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India. KFin Technologies serves as the registrar for the issue.
Market Competition and Outlook
Pine Labs competes with domestic players like Paytm, Razorpay, PhonePe, and PayU Payments, while facing international competition from Adyen, Shopify, and Block in overseas markets. Despite this crowded landscape, the company’s omnichannel capabilities and merchant network provide a strong competitive moat.
For more insights on India’s fintech revolution, check our latest IPO analysis and investment guides to stay ahead of market trends.
FAQs
What is the minimum investment amount for Pine Labs IPO?
The price band and lot size for Pine Labs IPO haven’t been officially announced yet. Typically, retail investors can apply with a minimum bid based on the lot size, which will be revealed closer to the opening date. The retail quota is set at 10%, with QIB at 75% and HNI at 15%.
Should I apply for Pine Labs IPO given the company’s losses?
While Pine Labs reported a loss of ₹187.17 crores in 2024, investors should consider the company’s strong revenue growth, massive transaction volumes (₹11.42 lakh crore in FY25), and expanding merchant base. The company’s pivot to profitability and international expansion plans make it a long-term growth story. However, as with any IPO, assess your risk appetite and investment horizon before applying. Consider consulting a financial advisor for personalized guidance.
