Pine Labs IPO GMP, Allotment Status Highlights: Fintech company Pine Labs closed the third day of its initial public offering (IPO), with total subscription at 2.5 times. The company’s Rs 3,900 crore IPO opened on November 7.
| Pine Labs IPO | Key Details |
| Price Band | Rs 210-221 per share |
| IPO Date | November 07- 11 |
| GMP | 3% |
| IPO Allotment date | November 12 |
| Listing date | November 14 |
Pine Labs IPO: What the IPO includes
The public issue is structured as a combination of fresh shares and an offer-for-sale (OFS) by existing shareholders. Through this public offering, the company aims to raise Rs 2,080 crore through the fresh issue. Meanwhile, the current investors will sell shares worth Rs 1,820 crore via the OFS route.
Pine Labs IPO: Price band and minimum investment
The price band for the IPO is set between Rs 210-221 per share. The lot size is 67 shares, which means retail investors will need at least Rs 14,807 to apply for one lot at the upper end of the price range.
Pine Labs IPO: Key dates to remember
The bidding window will close today, November 11, and the allotment of shares is expected to be finalised on Wednesday, November 12.
Refunds and credit of shares to investor demat accounts are likely on Thursday, November 13. Pine Labs shares will list on the NSE and BSE on Friday, November 14.
Pine Labs IPO Allotment highlights: Grey Market Premium, Listing Date, Review and More
Pine Labs IPO Subscription Status, GMP Live: Physics Wallah new centres
According to SBI Securities and the company's RHP, through the utilisation of net proceeds, Physics Wallah has proposed to open a total number of 245 new centres.
Pine Labs IPO Subscription Status, GMP Live: SBi Securities identifies key risks
SBI Securities identified three main risks for the Pine Labs IPO: customer concentration, as the fintech relies on a potentially terminable customer base; regulatory risk, from strict oversight by the RBI; and the highly competitive environment, if the company doesn't perform efficiently it could adversely harm its performance.
Pine Labs IPO Subscription Status, GMP Live: SBi Securities on Pine Labs
"At the upper price band, the stock is trading at EV/Sales, EV/EBITDA and EV/Adj EBITDA multiples of 8.0x, 82.8x and 50.7x, respectively, based on post-issue capital. Pine Labs is a Fintech company operating through a network of 9.8 lakh merchants, 716 consumer brands & enterprises and 177 financial institutions in India, Malaysia, Singapore, UAE, Australia, USA and Africa as of June 2025," said SBI Securities in an IPO note.
Pine Labs IPO Subscription Status, GMP Live: Anand Rathi Research on IPO valuation
Anand Rathi Research, in a research note, said that the valuation is deemed "richly priced". However, given the company's projected sales growth of 23-25% from FY2025 onwards and its top position in the prepaid cards market, the valuation is supported by the expectation of strong executive drive and continued growth in the digital payments and FinTech infrastructure space over the medium to long term.
Pine Labs IPO Subscription Status, GMP Live: Pine Labs employee benefit expenses
As per the company's consolidated P&L statement, for Q1FY26 Pine Labs spent Rs 291.3 crore in its employee benefits expense segment. The fintech incurred depreciation and amortisation expenses worth Rs 65.2 crore.
Pine Labs IPO Subscription Status, GMP Live: Pine Labs contingent liabilities
As of 30 June, 2025, Pine Labs had contingent liabilities worth Rs 331 crore. "If any of these contingent liabilities materialise, our financial condition, results of operations and cash flows could be adversely affected," the company said in its RHP.
Pine Labs IPO Subscription Status, GMP Live: TPV growth
The total market opportunity for Pine Labs in India, measured by Total Payment Value (TPV), is projected to grow substantially, from Rs 116.8 lakh crore ($1.4 trillion) in FY20 to Rs 202.9 lakh crore ($2.4 trillion) in FY25, representing a Compound Annual Growth Rate (CAGR) of 22–24%. This growth is fueled by increasing penetration of affordability solutions and card usage in the digital payment ecosystem.
Pine Labs IPO Subscription Status, GMP Live: Pine Labs total borrowings
For Q1FY26, the company's total borrowings stood at Rs 888.7 crore. This comprised current liabilities worth Rs 885 crore, while the amount for non-current liabilities stood at Rs 33.6 crore. The company in its DRHP has said "Any fluctuations in the interest rates assigned to our debt instruments may also directly impact the interest costs of our loan."
Pine Labs IPO Subscription Status, GMP Live: Merchant acquisition
Pine Labs has a significant presence in terms of merchant acquisition and physical distribution points. The company enables payment acceptance across 1.78 million in-store digital checkout points (DCPs) and online channels as of FY25. As of June 2025, Pine Labs' platform served 988,304 merchants.
Pine Labs IPO Subscription Status, GMP Live: Growth strategy
A look now at Pine Lab's growth strategy - According to HDFC Securities, its "growth strategy is centered on scaling its existing offerings, expanding its ecosystem of partners, investing in technology, entering new international markets, and pursuing strategic acquisitions."
The company’s platform is designed to be scalable, cloud-native, API-driven, and secure, supporting rapid integration and customisation for partners. The technology stack enables it to process large transaction volumes, offer robust security, and deliver modular, flexible solutions for its ecosystem.
Pine Labs IPO Subscription Status, GMP Live: Any likelihood of listing pop
Most analysts are not very hopeful about a big listing pop. The recent listings have mostly seen a downward trend in the near-term. As a result many market observers are not very hopeful about a big premium on listing day.
Pine Labs IPO Subscription Status, GMP Live: Ecosystem reach
The company's ecosystem connects merchants, consumer brands and enterprises, and financial institutions, spanning across 716 consumer brands and enterprises, and 177 financial institutions as of June 2025. The platform's ability to attract additional stakeholders and broaden monetization opportunities across multiple segments is a key strength derived from this ecosystem growth.
Pine Labs IPO Subscription Status, GMP Live: GMP trending higher
The Pine Labs IPO GMP has been trending higher. The grey market premium indicates a slight listing premium for the counter. However, readers must remember that GMP is an unofficial metric of investor sentiment. The actual listing price can be very different.
Pine Labs IPO Subscription Status, GMP Live: Acquisitions
Acquisitions like Qwikcilver, Mosambee (SME payment solutions), Qfix (workflow management), Setu (API-based FinTech infrastructure), Saluto (CRM), and Credit+ (FinTech infrastructure) have enhanced its issuing and acquiring platform capabilities.
Pine Labs IPO Subscription Status, GMP Live: Open-API architecture based approach
The company's approach is based on an open-API architecture, enabling merchants to seamlessly integrate their core systems (like billing, ERP, and CRM) with the Digital Infrastructure and Issuing & Acquiring Platform. This integration supports comprehensive payment solutions. A unified platform supporting multiple acquirers and diverse digital payment modes, integrated with merchant systems for settlement and reconciliation.
Pine Labs IPO Subscription Status, GMP Live: Components and services of Digital Infra platform
The platform provides comprehensive in-store and online payment solutions, including affordability solutions. The company's platform offers value-added services. The platform supplies the necessary FinTech infrastructure. The company's approach is based on an open-API architecture, enabling merchants to seamlessly integrate their core systems (like billing, ERP, and CRM) with the Digital Infrastructure and Issuing & Acquiring Platform.
Pine Labs IPO Subscription Status, GMP Live: Great features of the company
Pine Labs’ long-term investment case is supported by its strong market positioning, technological infrastructure, and focused strategies aimed at expanding its services, ecosystem, and geographic footprint.
The company aims to scale and increase adoption of existing offerings and expand its suite of offerings. This involves strengthening its core products, the Digital Infrastructure and Transaction Platform and the Issuing and Acquiring Platform.
Pine Labs IPO Subscription Status, GMP Live: R&D investments
The company plans on investing Rs 760 crore towards technological advancement, of which it will invest Rs 230 crore towards the development of infrastructure and IT assets.
Pine labs will invest Rs 430 crore towards procurement of digital check-out points, and Rs 100 crore towards initiatives aimed at technological development.
Pine Labs IPO Subscription Status, GMP Live: Dates to look out for
Pine Labs IPO bidding started from Nov 7, 2025 and ended on Nov 11, 2025. The allotment for Pine Labs IPO was finalized on Nov 12, 2025. Pine Labs IPO will list on BSE, NSE with a tentative listing date fixed as Nov 14, 2025.
Pine Labs IPO Subscription Status, GMP Live: IPO managers
Pine Labs IPO is being handled by Axis Capita, Morgan Stanley India, Citi Groups Global Market, JP Morgan India, and Jeffries India.
Pine Labs IPO Subscription Status, GMP Live: Expansion in other countries
The company aims to expand its overseas operations particularly in Middle East and Southeast Asia. For this purpose, the fintech will invest Rs 60 crore in its overseas growth initiatives through its subsidiaries : Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE.
Pine Labs IPO Subscription Status, GMP Live: Registrar of the issue
KFin Technologies is the registrar to the offer. Axis Capital will coordinate the capital structuring of the company including its business plans, legal and other managerial operations.
Pine Labs IPO Subscription Status, GMP Live: Book managers
Axis Capital is the book-running lead manager, and Kfin Technologies is the registrar of the issue.
Pine Labs IPO Subscription Status, GMP Live: Book leads
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Pine Labs IPO Subscription Status, GMP Live: Important dates
Pine Labs IPO bidding started from Nov 7, 2025 and ended on Nov 11, 2025. The allotment for Pine Labs IPO was finalized on Nov 12, 2025. Pine Labs IPO will list on BSE, NSE with a tentative listing date fixed as Nov 14, 2025.
Pine Labs IPO Subscription Status, GMP Live: Expansion plan
Pine Labs plans to scale and increase the adoption of its existing offerings, focusing particularly on strengthening its Digital Infrastructure and Transaction Platform and driving cross-sell across in-store, online, affordability, and value-added services (VAS).
Pine Labs IPO Subscription Status, GMP Live: Litigation proceedings against Pine Labs
In its DRHP, Pine Labs stated that litigation proceedings worth Rs 492.8 crore remain outstanding against the company. The outstanding litigations against the subsidiaries of Pine Labs worth Rs 24.3 crore. Any adverse decisions in such proceedings may adversely affect the company's business and cash flow, it added.
Pine Labs IPO Subscription Status, GMP Live: Revenue generation from international markets
For Q1FY26, Pine Labs generated a revenue of Rs 94.3 crore from its external customers outside of India. Of its total revenue for Q1FY26, 15% of it came from its overseas customers. In the same quarter, the fintech incurred a total of Rs 69.1 crore of expenses in its international markets.
Pine Labs IPO Subscription Status, GMP Live: Dependency on top 10 customers
Customer base is extremely crucial for Pine Labs as the fintech's top ten customers accounted for 31% of the revenue operations in FY25. The company in its DRHP stated that “If we are unable to retain our existing customers and acquire additional customers, our business, financial condition, and results of operations could be adversely affected.”
Pine Labs IPO Subscription Status, GMP Live: Overseas expansion for Pine Labs
The company aims to expand its overseas operations particularly in Middle East and Southeast Asia. For this purpose, the fintech will invest Rs 60 crore in its overseas growth initiatives through its subsidiaries : Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE.