Abhishek Sinha
New Delhi, November 7, 2025:
The initial public offering (IPO) of Pine Labs Ltd, a leading fintech and merchant commerce platform, opened for subscription today, November 7. The issue will remain open until Tuesday, November 11, with the company aiming to raise nearly ₹3,900 crore from the primary market.
💰 Pine Labs IPO Price Band and Issue Size
The company has set the price band at ₹210 to ₹221 per share with a lot size of 67 shares, requiring a minimum retail investment of ₹14,807.
At the upper end of the price band, Pine Labs aims to raise ₹3,899.91 crore, comprising:
- Fresh issue: ₹2,080 crore (9.41 crore equity shares)
- Offer for Sale (OFS): ₹1,819.91 crore (8.23 crore equity shares)
According to the IPO schedule, the allotment date is likely November 12, and the tentative listing date is November 14, 2025.
The shares will be listed on both the BSE and NSE.
Axis Capital Ltd is the book-running lead manager, and KFin Technologies Ltd is the IPO registrar.
📊 Pine Labs IPO Subscription Status (Day 1)
As per NSE data available at 10:35 AM on Friday:
- Total Subscription: 3%
- Retail Individual Investors (RII): 15%
- Non-Institutional Investors (NII): 2%
- Qualified Institutional Buyers (QIB): No bids yet.
💹 Pine Labs IPO GMP Today (Grey Market Premium)
In the unlisted market, Pine Labs shares are trading with a modest premium.
According to market observers, the Pine Labs IPO GMP today stands at ₹12 per share.
This indicates that shares are trading at ₹233 apiece, implying a 5.43% premium over the IPO’s upper price band of ₹221 per share.
🏦 About Pine Labs
Pine Labs is a fintech company operating across India, Malaysia, Singapore, UAE, Australia, the USA, and Africa.
As of June 2025, the company’s ecosystem includes:
- 9.8 lakh merchants
- 716 consumer brands and enterprises
- 177 financial institutions
It has built long-standing relationships with marquee clients such as HDFC Bank, Croma, and LG Electronics, and is targeting a ₹276 trillion market opportunity by FY29.
Between FY23 and FY25, Pine Labs delivered a Revenue CAGR of 19.3% and an EBITDA CAGR of 538.6%. The company also plans to use ₹532 crore from the IPO proceeds to repay debt.
💬 Analyst Views — Apply or Avoid?
According to SBI Securities,
“At the upper price band, the stock is valued at EV/Sales, EV/EBITDA, and EV/Adj EBITDA multiples of 8.0x, 82.8x, and 50.7x, respectively. The company has shown a turnaround with strong EBITDA growth during FY23–FY25. With a robust business model, Pine Labs is well-positioned for profitable long-term growth. We recommend a ‘Subscribe – Long Term’ rating.”
However, Swastika Investmart takes a more cautious stance:
“Based on current financials, the IPO appears aggressively valued. Considering limited short-term visibility, we advise investors to avoid for now.”
📈 Key Takeaways
- IPO Open Date: November 7, 2025
- Close Date: November 11, 2025
- Price Band: ₹210 – ₹221 per share
- Lot Size: 67 shares
- GMP: ₹12 (~5.43% premium)
- Tentative Listing Date: November 14, 2025
🟢 Verdict
With steady fundamentals, expanding fintech infrastructure, and a strong merchant network, Pine Labs IPO offers long-term growth potential.
However, given its high valuation and moderate GMP, investors seeking listing gains may consider a cautious approach, while long-term investors could find value in the company’s scalable business model.
