#PineLabsIPO #FintechIPO #DigitalPayments #IndianMarkets #Tokenization #PaymentSolutions #TechInvesting #StockMarketIndia #IPO2025 #BSE #NSE #FintechGrowth
Chandigarh: Fintech firm Pine Labs is set to launch its initial public offering (IPO) on November 7, 2025, aiming to raise Rs 2,080 crore through a fresh issue of shares. The IPO subscription will close on November 11, with the allotment scheduled for November 12. The shares are expected to be listed on the BSE and NSE exchanges from November 14. Anchor investors bidding will open for a day on November 6.
Offer Structure
Apart from the fresh issue, Pine Labs will also have an Offer for Sale (OFS) of up to 8.23 crore equity shares. The OFS will include stakes from prominent existing shareholders such as Peak XV Partners, London-based 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., as well as Pine Labs co-founder Lokvir Kapoor.
The company had earlier planned to mobilize Rs 2,600 crore through fresh issue and had a larger OFS component, which has been trimmed in the current prospectus dated October 31, 2025.
Use of Proceeds
Funds raised from the fresh issue will be deployed to:
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Repay existing debt.
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Invest in IT assets and upgrade cloud infrastructure.
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Support technology development initiatives.
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Procure additional digital checkout points.
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Expand international presence by investing in subsidiaries like Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE.
Company Profile and Market Position
Noida-based Pine Labs is a technology-driven fintech company specializing in digitizing commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. It supports digital transactions and payment processing not only in India but also in several international markets including Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.
According to the Redseer Report for FY2025, Pine Labs was the largest issuer of closed and semi-closed loop gift cards by transaction value in India. It is also recognized as the leading digital affordability enabler at digital checkout points and ranks among the top five in-store digital platforms. The company is a key processor for Bharat Connect transactions.
Financials and Scale
For the fiscal year 2025, Pine Labs processed payments with a gross transaction value (GTV) of Rs 11.42 lakh crore across 5.68 billion transactions. As of June 30, 2025, the company’s platform was used by over 9.88 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions.
Its customer base spans sectors such as retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality, financial services, and public sector agencies including municipal and traffic departments. Pine Labs maintains long-standing partnerships with brands like Croma and HDFC Bank, some extending over a decade.
Competitive Landscape
In the Indian market, Pine Labs competes with firms including Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe. Internationally, it faces competition from companies such as Adyen, Shopify, and Block.
Book Running Lead Managers and Registrar
The book running lead managers for the Pine Labs IPO are Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India. KFin Technologies serves as the registrar for the issue.
Pine Labs’ IPO is positioned to attract investors looking to participate in the rapidly growing digital payments and fintech sector, with a strong domestic and international presence, diversified client base, and clear plans for scaling operations and technology investments.
#PineLabsIPO #FintechIPO #DigitalPayments #IndianMarkets #Tokenization #PaymentSolutions #TechInvesting #StockMarketIndia #IPO2025 #BSE #NSE #FintechGrowth
