LIVE: Pine Labs IPO Listing today- GMP signals big surprise today

As of June 2025, Pine Labs served an ecosystem spanning across merchants in key verticals such as department stores & retailers, supermarkets, e-commerce, restaurants, grocery, lifestyle, consumer electronics, healthcare, travel and hospitality, as well as financial institutions and banks, financial technology companies, and new-age technology companies.

Speaking on the overall IPO valuations, market veteran Ambareesh Baligh highlighted that “Valuations have been expensive and people were investing for liaising gains – when listing gains have disappeared (except Groww), investors tend to take a step back.”

The company’s revenue is generated through a lot of segments. It earns revenue through transaction-based fees from financial institutions based on the number of transactions they process across bill payments. Primarily earn processing fees based on GTV processed or distributed through their platform, along with earning revenue through processing fees and subscriptions fees.

The company don’t just earn from in-house payments, but it earns processing fees from merchants, consumer brands and enterprises and financial institutions, which are linked to Gross Transaction Value (GTV) processed on their platform.

The company’s revenue comes primarily from merchants and acquiring banks that pay them subscription fees that are charged based on the number of Digital check-out points (DCPs) used. In the case of online payments, it earns a fee from each merchant that is calculated based on the value of transactions that are processed on their platform.

The company is likely to be listed on NSE and BSE on November 14. The grey market premium for the IPO is on the lower side. As of the last update, GMP is Rs 5.5 with a price band of Rs 221. The IPO’s estimated listing price is Rs 226.5 .

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.

The company aims to utilise up to Rs 60 crore of the net proceeds in its international subsidiaries. These include, Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE. For Q1FY26, the company generated 15% of its revenue from its international markets.

For Q1FY26, company incurred total expenses worth Rs 69.1 crore in its international markets. The company’s intends on expanding its presence in key international markets which include Middle East and Southeast Asia.

The company is highly dependent on its customers. In FY25, about 31% of the company’s revenue from operations came from its top 10 customers. “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,” the company said in its RHP.

The company’s operations are subject to regulation, oversight, and inspection by the Reserve Bank of India and RBI Information Technology Pvt Ltd. Any adverse observations, proceedings or notices from the RBI or ReBIT may have an adverse impact on the company’s performance.

Decline in the use of credit cards, debit cards, prepaid cards, UPI, and other payment mechanism enabled on the company’s platform can adversely harm Pine Labs future growth and success, the company said in its RHP. Further, government might also implement restrictive rules and regulations for prepaid card services which can limit the company’s growth, it added.

Pine Labs in its RHP has stated that the company operates in a highly competitive environment and the competition in this market may further intensify. Some of its competitors may offer free products and services. This heightened competition can adversely impact the company’s margins and overall business operations.

Further, the API-first design promotes rapid integration, interoperability, and ease of customisation, making it simple for the ecosystem partners to adopt and build upon, while its modular architecture allows for agile deployment of new features and services, maintaining operational resilience.

The GMP for Pone Labs indicates a listing pop. It shows that the IPO may list at a slight premium to the issue price. However, readers must remember that the GMP is an unofficial indicator of investor sentiment. It may not always be accurate.

The company’s technology stack is purpose-built to support the scale, speed and security required in digital commerce and leverages a cloud-native infrastructure that facilitates high availability and elastic scalability, enabling the platform to handle substantial transaction volumes.

The company primarily operates through a) Digital infrastructure & Transaction Platform, which comprises in-store and online payment infrastructure, affordability, value-added services, and fintech infrastructure solutions and software applications, and b) Issuing and Acquiring Platform, which comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with unified issuing and acquirer processing platforms.

Pine Labs is a technology-led company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Its offerings enable multiple workflows for merchants, including digital payments, smooth integration with billing systems, rewards and loyalty programme management, affordability options for end consumers, value-added services such as dynamic currency conversion, and digitising their stores through business software applications