- Fintech major to launch ₹3,900-crore IPO on November 7, and close on November 11
- The anchor book bidding will be on Thursday, November 6
- Bids can be made for a minimum of 67 Equity Shares and in multiples thereof
- Aims to strengthen global footprint, repay debt, and invest in next-gen digital infrastructure
- ‘We’re building a global payments powerhouse with Indian innovation at its core,’ says CMD & CEO Amrish Rau
- A discount of ₹21 per Equity Share is being offered to Eligible Employees Bidding in the Employee Reservation Portion
NE BUSINESS BUREAU
AHMEDABAD, NOV 4
Noida-based fintech leader Pine Labs Limited on Tuesday announced the price band for its much-awaited initial public offering (IPO) at ₹210–₹221 per share, setting the stage for a market debut at an estimated valuation exceeding ₹25,300 crore. The IPO—comprising a ₹2,080 crore fresh issue and an Offer for Sale (OFS) of over 8.23 crore equity shares worth ₹1,819.9 crore—will open for subscription on Friday, November 7 and close on Tuesday, November 11, with anchor book bidding on Thursday, November 6.
The lot size will be 67 shares and multiples thereof.
Strong Financial Performance Fuels Investor Confidence
Pine Labs has reported solid operational and financial performance, underscoring its strong market position in India’s fast-growing digital payments ecosystem.
In FY2025, the company processed ₹11.42 lakh crore in gross transaction value (GTV) across 5.68 billion transactions, driven by increased merchant adoption and expanding digital infrastructure.
Its technology platforms serve over 9.88 lakh merchants, 716 consumer brands, and 177 financial institutions.
According to Redseer Report, Pine Labs was India’s largest issuer of closed and semi-closed loop gift cards by transaction value in FY2025 and one of the top five in-store digital platforms.
Expansion & Strategic Use of IPO Proceeds
The proceeds from the fresh issue will be channelled towards:
- Debt repayment to improve leverage ratios.
- Investment in IT assets and cloud infrastructure.
- R&D and technology development for advanced payment solutions.
- Expansion of international subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE.
At the outset, Amrish Rau, CMD & CEO of Pine Labs, grew nostalgic while recalling his long-standing connection with Gujarat.
“Our IPO is not just a fundraise—it’s a milestone in our journey to accelerate commerce digitisation across emerging markets,” said Amrish Rau, CMD & CEO, Pine Labs. “We are uniquely positioned at the intersection of technology, payments, and merchant empowerment.”
Prominent Investors To Partially Exit
The OFS component will see stake dilution by marquee investors such as Peak XV Partners, Actis, PayPal, Mastercard Asia/Pacific, Temasek (via Macritchie Investments), Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and co-founder Lokvir Kapoor.
Rau added, “We’ve been privileged to have global institutional investors who believed in our vision. Their partial exits mark value creation and a natural transition toward our next growth chapter.”
Competitive Edge & Global Footprint
Pine Labs competes with domestic players such as Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe, and internationally with Adyen, Shopify, and Block.
Its suite of offerings—ranging from digital checkout solutions and merchant financing to gift card issuance and loyalty programmes—enables it to serve diverse sectors, including retail, e-commerce, electronics, travel, hospitality, and government services.
Chief Financial Officer Venu Srinivasan said, “With consistent revenue growth and improving profitability metrics, we’re poised to strengthen our leadership in the digital payments space. The IPO will reinforce our financial flexibility for global expansion.”
IPO Structure & Market Debut Details
The ₹3,900-crore IPO has been structured as follows:
- 75% quota for QIBs, 15% for NIIs, and 10% for retail investors
The market debut is slated for November 14, 2025, on both BSE and NSE.
Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India are the book-running lead managers, while KFin Technologies is the registrar.
