Pine Labs to Launch ₹3,899.91 Crore IPO on November 7; Focus on Tech and Global Growth

“Building for the Next Decade of Digital Payments,” Says Pine Labs CEO Amrish Rau

Bilkul Bazaar

Ahmedabad | 05 Nov 2025

Pine Labs Ltd has announced its ₹3,899.91 crore Initial Public Offering (IPO), opening on November 7 and closing on November 11, 2025, with a price band of ₹210–₹221 per share. The offer includes a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. Funds raised will be used for debt repayment, technology and digital checkout upgrades, and expansion across Southeast Asia and the Middle East.

“We are building for the next decade of India’s digital payments,” said Amrish Rau, CEO, Pine Labs, during the Ahmedabad media briefing. CFO Sameer Kamath added that the company’s improving profitability and strong merchant network position it well for long-term growth. The IPO is set to list on November 14 on the BSE and NSE.

Pine Labs Ltd, one of India’s leading fintech companies, has announced the launch of its Initial Public Offering (IPO) worth ₹3,899.91 crore, opening for subscription on November 7, 2025, and closing on November 11, 2025. The IPO comprises a fresh issue of ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore, with a price band of ₹210–₹221 per share and a lot size of 67 shares. The listing is scheduled for November 14 on both the BSE and NSE.

The company’s leadership team — Amrish Rau, CMD and CEO; Sameer Kamath, CFO; and Pratik Loonker from Axis Capital — announced the details at a media interaction in Ahmedabad, outlining Pine Labs’ long-term growth vision and technological roadmap.

“We’re Building for the Next Decade of Digital Payments”

“We are not just raising capital; we are building for the next decade of India’s digital payments,” said Amrish Rau, CEO, Pine Labs Ltd. “Our focus is to strengthen technology, deepen our merchant partnerships, and expand globally across Southeast Asia and the Middle East. The IPO proceeds will help us reduce debt, enhance digital checkout infrastructure, and scale innovation across platforms.”

IPO Structure and Allocation

The issue includes a fresh issue of 9.41 crore shares and an OFS of 8.23 crore shares. About 75% of the offer is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.

Retail investors can participate with a minimum investment of ₹14,807 (for one lot of 67 shares at ₹221). Employees applying under the reserved category will receive a discount of ₹21 per share.

Use of Proceeds

According to Sameer Kamath, CFO of Pine Labs, “A major part of the proceeds, around ₹532 crore, will go toward debt repayment, while ₹760 crore will be used to enhance our technology and digital checkout infrastructure. Another ₹60 crore will be invested in our overseas subsidiaries to strengthen our international presence.”

The remaining funds will be used for general corporate purposes and potential future acquisitions aimed at scaling new capabilities.

Financial Performance and Growth Path

Pine Labs reported revenue of ₹2,327.09 crore in FY25, up from ₹1,824.16 crore in FY24, while losses narrowed significantly to ₹145.49 crore in FY25 compared to ₹341.90 crore a year earlier.

“We’ve demonstrated strong revenue growth and improving profitability margins. Our EBITDA margins improved to 22.47% in 9M FY25, a reflection of operational efficiency and scalability,” added Kamath.

Market Leadership and Strengths

With over 988,000 merchants, 716 consumer brands, and 177 financial institutions in its network as of June 2025, Pine Labs has emerged as India’s largest issuer of closed and semi-closed loop gift cards by transaction value. The company also leads in digital affordability solutions, enabling EMI and loyalty-based transactions at checkout points.

“Our partnerships with brands like Amazon Pay, Flipkart, LG, and major banks such as HDFC and ICICI have been built on trust and innovation over the years,” said Amrish Rau. “We see ourselves as a growth partner to merchants, helping them digitize and scale.”

Risks and Outlook

While Pine Labs continues to report net losses, the management remains confident about long-term profitability driven by scale, ecosystem strength, and digital adoption.

“We are confident that the next wave of growth will come from platform integrations and global expansion. Investors with a long-term view will find Pine Labs well-positioned in India’s fintech evolution,” said Pratik Loonker of Axis Capital.

The allotment is expected on November 12, shares will be credited to demat accounts by November 13, and the stock will list on November 14, 2025.

Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.

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