Pine Labs IPO Kicks Off: All Eyes on ₹3,900 Crore Fintech Giant
The Pine Labs IPO opened for subscription today, November 7, 2025, marking one of the most anticipated listings in India’s fintech space. The digital payments and merchant commerce platform plans to raise ₹3,899.91 crore from the public issue, which will close on November 11.
The company has set the IPO price band at ₹210–₹221 per share, with a lot size of 67 shares, requiring a minimum investment of ₹14,807 from retail investors.
At the upper end of the price band, the issue includes a fresh equity issue worth ₹2,080 crore and an offer-for-sale (OFS) of ₹1,819.91 crore by existing shareholders.
IPO Timeline and Listing Details
Investors can subscribe to the IPO between November 7 and November 11, with the allotment expected on November 12. Shares are likely to be listed on the BSE and NSE by November 14.
Axis Capital Ltd is the book-running lead manager, while Kfin Technologies Ltd is handling the registrar responsibilities.
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Pine Labs IPO GMP Today
The Pine Labs IPO is off to a steady start in the grey market. According to market watchers, the grey market premium (GMP) stands at ₹12 per share, implying that Pine Labs shares are trading at ₹233 in the unlisted market — around 5.4% higher than the issue price.
This modest GMP signals cautious optimism among investors ahead of Day 1 subscription data.
Pine Labs IPO Subscription Status (Day 1)
Bidding for the Pine Labs IPO began at 10:00 AM today. The subscription data will be updated later in the day, giving a clearer picture of retail and institutional demand.
About Pine Labs: Fintech Powerhouse with Global Reach
Pine Labs isn’t just another payments player. The company has built a robust merchant network of 9.8 lakh merchants, working with 716 consumer brands and 177 financial institutions across India, Malaysia, Singapore, UAE, Australia, the USA, and Africa.
The firm counts major clients like HDFC Bank, Croma, and LG Electronics, reflecting its deep market credibility.
Between FY23 and FY25, Pine Labs reported impressive growth — revenue CAGR at 19.3% and EBITDA CAGR at a whopping 538.6%. Part of the IPO proceeds (₹532 crore) will go towards debt repayment, strengthening its balance sheet.
Analysts’ Take: Apply or Wait?
Market experts are divided on the IPO’s valuation and long-term potential.
SBI Securities recommends subscribing for the long term, citing Pine Labs’ strong business fundamentals and turnaround in profitability. “The company is well-positioned to capture India’s massive ₹276 trillion digital payments opportunity by FY29,” the brokerage noted.
On the other hand, Swastika Investmart advised caution, calling the issue “aggressively valued” with limited short-term upside.
In simple terms — if you’re a long-term investor, Pine Labs might be worth considering. But for short-term listing gains, the premium may not be very exciting.
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Final Verdict
Pine Labs brings a credible brand, strong financial recovery, and big market ambitions — but at a premium price tag. For investors betting on the future of India’s fintech story, this IPO could be a calculated risk worth taking for the long haul.
