Pine Labs is set to launch its initial public offering (IPO) for subscription on Friday, November 7, 2025, offering investors a chance to participate in a significant technology-driven IPO following Lenskart and Groww. The IPO, as per the red herring prospectus, is a book-built issue valued at Rs 3,899.91 crore, consisting of both a fresh issue and an offer for sale (OFS).
The IPO will include the sale of 9.41 crore new shares amounting to Rs 2,080 crore through the fresh issue, while the offer for sale will involve 8.23 crore shares worth Rs 1,819.91 crore sold by existing shareholders. The proceeds from the fresh issue will be utilized for business expansion, technology investments, debt repayment, and general corporate purposes.
Scheduled to open on November 7 and close on November 11, 2025, the Pine Labs IPO’s basis of allotment is projected to be finalized on November 12, with the stock expected to be listed on the NSE and BSE on November 14, 2025.
The price band for the IPO is set between Rs 210 and Rs 221 per share, with a lot size of 67 shares for retail investors, requiring a minimum investment of Rs 14,807 at the upper end of the price band. Small non-institutional investors (sNII) will need to invest in a minimum of 14 lots (938 shares) worth Rs 2,07,298, while big non-institutional investors (bNII) must invest at least 68 lots (4,556 shares), totaling Rs 10,06,876.
Axis Capital Ltd. is the book-running lead manager for the IPO, with Kfin Technologies Ltd. serving as the registrar for the issue. In the grey market, the Pine Labs IPO’s grey market premium (GMP) was reported at Rs 12 as of November 6, 2025, at 1:36 PM, indicating a potential listing price of Rs 233 per share, representing a premium of around 5.43% over the upper end of the price band.
Pine Labs, established in 1998, is a prominent merchant commerce platform in India, offering POS systems, digital payment solutions, and merchant financing services to retailers and businesses. The company facilitates card payments acceptance, loyalty program management, and access to short-term credit for merchants of all sizes, enabling unified payment acceptance across debit cards, credit cards, digital wallets, and UPI. Pine Labs has expanded its operations to Southeast Asia and the Middle East, collaborating with global banks, fintech companies, and merchants.