Pine Labs Ltd. has reduced the size of its initial public offering, even as it eyes a valuation of more than ₹25,300 crore (about $3 billion).
On offer in the Pine Labs IPO are 17.64 crore shares—9.41 crore new shares and 8.23 crore via an offer for sale—in a price band of 210-221 apiece to raise as much as ₹3,900 crore, according to the firm’s red-herring prospectus released on Monday (3 November 2025). The lot size for retail investors is set 67 shares, which translates into a minimum investment of ₹14,807.
According to its draft red-herring prospectus filed in June 2025, Pine Labs was looking to raise up to ₹2,600 crore by issuing new shares, as against ₹2,080 crore now. The size of the offer-for-sale has also reduced to 8.23 crore shares from 14.78 crore shares earlier.
The IPO proceeds will be used to repay debt, invest in subsidiaries such as Pune Labs UAE, Pine Labs Malaysia and Qwikcilver Singapore to expand its global operations. A portion of the funds has been set aside as capex for technology and cloud infrastructure.
Pine Labs will make its stock market debut on 14 November.
Axis Capital, Morgan Stanley India Co. Ltd., Citigroup Global Markets India, JPMorgan India, and Jefferies India are the book-running lead managers, while KFin Technologies is the registrar for the IPO.
Pine Labs IPO: A Review
The Noida-based Pine Labs is a fintech company that facilitates commercial digital payments online and offline via payment gateways and point-of-sale terminals. Apart from India, it has operations in Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and parts of Africa.
According to a Redseer Report, Pine Labs was the largest issuer of closed and semi-closed loop gift cards in India by transaction value in FY25.
It has long-standing relationships with several large brands and institutions, including Tata Croma and HDFC Bank Ltd., with some partnerships extending over a decade. The company competes with Paytm, Razorpay, Infibeam and PhonePe in India, and Adyen, Shopify and Block overseas.
Pine Labs IPO: Key Financials
To be sure, the company has yet to turn a profit.
Net loss of the fintech company stood at ₹145 crore in FY25 as against ₹341.9 crore in FY24, on the back of revenue from operations that increased 27.5% year-on-year to ₹2,327.09 crore, according to the RHP.
A growing EBITDA— up 125.5% year-on-year to ₹356.72 crore— while being adjusted for ESOPs, as well as narrowing of loss, points to profitability in the future. The company hasn’t offered a guidance on the same.
In FY25, Pine Labs processed payments worth ₹11.42 lakh crore in gross transaction value across 5.68 billion transactions. Its platforms were used by more than 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions, as on 30 June.