Fintech company Pine Labs is gearing up to launch its highly anticipated ₹3,900 crore initial public offering (IPO) on November 7, 2025, with a price band of ₹210 to ₹221 per share and a face value of ₹1 each. The issue will close on November 11, and at the upper end of the price range, Pine Labs targets a valuation of approximately ₹25,377 crore.
The IPO comprises both a fresh issue and an offer for sale (OFS) by existing shareholders. Of the total size, the fresh issue is valued at ₹2,080 crore, while existing investors—including Peak XV Partners, PayPal, and Mastercard—will offload 8.23 crore shares, a reduction from the 14.78 crore shares mentioned in earlier filings. The anchor investor portion opens on November 6, ahead of the main subscription window.
Funds raised from the fresh issue will be channelled towards debt repayment, technology investments, cloud infrastructure, digital checkout expansion, and strategic investments in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE, bolstering the company’s international presence.
The IPO structure reserves ₹25 crore worth of shares for employees, who will receive a discount of ₹21 per share on the final issue price. Retail investors can apply for a minimum of 67 shares and in multiples thereafter. At the lower end of the price band, the IPO’s price-to-earnings (P/E) ratio stands at 144.83x, and 152.41x at the upper end—valuations notably higher than the industry average of 61.78x.
As per SEBI’s book-building guidelines, at least 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), up to 15% to Non-Institutional Investors (NIIs), and up to 10% to Retail Individual Investors (RIIs).
Axis Capital, Morgan Stanley India, Citigroup Global, J.P. Morgan India, and Jefferies India are serving as book-running lead managers, while KFin Technologies Limited acts as the registrar. The basis of allotment is expected on November 12, with listing on the BSE and NSE scheduled for November 14.
Headquartered in Noida, Pine Labs offers digital payment and commerce solutions to merchants, enterprises, consumer brands, and financial institutions across India, Malaysia, Singapore, the UAE, Australia, the US, and Africa. For the nine months ended December 2024, the company reported a profit of ₹26.14 crore on revenue of ₹1,208 crore, with total borrowings of ₹888.7 crore primarily for working capital and POS machine financing.
Market experts note that while the IPO has drawn strong investor interest in the fintech sector, Pine Labs’ valuation appears elevated compared to its peers such as Paytm and PhonePe. Nonetheless, the offering marks a pivotal step for the company as it seeks to strengthen its global footprint and enhance technological capabilities.
 on November 7, 2025.......){kind=link}