The much-awaited Pine Labs Limited Initial Public Offering (IPO) opens for public subscription today, November 7, and will remain open till November 11, 2025.
The IPO consists of both a fresh issue and an offer for sale (OFS), with a total value of Rs 3,899.91 crore.
Investors can look forward to the allotment announcement on November 12, while the company’s shares are expected to list on the BSE and NSE on November 14, 2025.
Strong Start with Big-Name Anchor Investors
A day before the IPO opened, Pine Labs raised Rs 1,753 crore from 70 anchor investors on November 6.
Some of the major participants include SBI Mutual Fund, Nomura, Templeton MF, Aditya Birla Sun Life MF, Mirae Asset MF, ICICI Prudential Life Insurance, Tata MF, HSBC, Morgan Stanley, and BNP Paribas.
This strong anchor investor response reflects high institutional confidence in Pine Labs and sets a positive tone for the IPO.
IPO Structure and Key Dates
The Pine Labs IPO is a book-built issue worth Rs 3,899.91 crore, divided as follows:
Fresh issue: Rs 2,080 crore (9.41 crore shares)
Offer for sale: Rs 1,819.91 crore (8.23 crore shares)
Price band: Rs 210 – Rs 221 per share
Lot size: 67 shares (minimum investment of Rs 14,807)
Subscription period: November 7 to November 11, 2025
Allotment date: November 12, 2025 (tentative)
Listing date: November 14, 2025 (tentative)
The IPO has been structured with 50% reserved for Qualified Institutional Buyers (QIBs), 35% for Non-Institutional Investors (NIIs), and 15% for retail investors.
Axis Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, and Jefferies India are the book-running lead managers, while Kfin Technologies Ltd is the registrar.
About Pine Labs Limited
Pine Labs Limited is one of India’s leading merchant commerce platforms, offering a wide range of services including point-of-sale (POS) solutions, payment processing, and merchant financing.
Financially, the company has shown impressive growth — reporting a 28% increase in revenue and a 57% rise in net profit for the financial year ending March 2025.
This strong performance, combined with its growing digital payments presence, positions Pine Labs as a key player in India’s fintech ecosystem and makes its IPO one to watch closely.
