Pine Labs IPO: India's Fintech Giant Goes Public

Pine Labs Ltd - Company Background

Pine Labs Ltd offers one of India’s leading merchant commerce platforms. It is much more than a point of sale (POS) company as it also offers payment processing and merchant financing. It takes care of digital empowerment of small businesses as well as arranging for their working capital needs. The company has over 9,88,000 empanelled merchants across over 700 brands and interfaces with over 175 financial institutions for funding. Pine Labs has grown from POS processing to a full-stack fintech solutions provider.

The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh funds will be used repayment of debt and investment in subsidiaries. The issue is being lead-managed by Axis Capital, Morgan Stanley, Citigroup Global Markets, JP Morgan, and Jefferies India; while KFIN Technologies Ltd (KFINTECH) will be the registrars to the IPO. The company does not have an identifiable promoter group; and is professionally managed.

Highlights of the IPO Issue

Here are the key highlights of the public issue of Pine Labs Ltd.

• The IPO of will be open from November 07th, 2025 to November 11th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹210 to ₹221 per share.

• The IPO of Pine Labs Ltd will be a combination of a fresh issue and an offer for sale of shares by the promoters of the company.

• The fresh portion comprises the issue of 9,41,17,647 shares (941.18 lakh shares), which at the upper price band of ₹221 per share translates into ₹2,080.00 crore.

• The OFS of the IPO comprises the sale of 8,23,48,779 shares (823.49 lakh shares), which at the upper price band of ₹221 per share translates into ₹1,819.91 crore.

• The overall IPO will comprise of a fresh issue and OFS of 17,64,66,426 shares (1,764.66 lakh shares) worth ₹3,899.91 crore at the upper band price of ₹221 per share.

The IPO of Pine Labs Ltd will be listed on the NSE and the BSE on the IPO mainboard.

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Pine Labs Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Pine Labs Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 67 shares)

Financial Highlights

The table captures the key financials of Pine Labs Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The POS and fintech business need a lot of front-loading of investments. However, that is the nature of the business. Hence, the company continues to make net losses over the last 3 years. Hence, many of the rations like net margins and ROE may not be entirely relevant here. However, the asset turnover appears to be too low, due to a bloated asset base.

Valuation Metrics

As stated earlier, the company has been consistently making losses over the years and hence traditional valuation metrics cannot be applied. However, there is one thing that investors must keep in mind. The company has substantial liquid assets on its balance sheet, which accounts for nearly 60% of the overall asset size. That is surely putting pressure on the asset turnover ratios of the company.

Despite the losses, there are some advantages that Pine Labs Ltd brings to the table as a business. Today, it owns the ecosystem that brings customers, merchants and financiers under one platform. That has a network effect which can be valuable in the long run if properly leveraged. It has an API based approach to interfacing with merchants, which makes it a lot more user-friendly. Over the years, the company has built deep rooted relationships across merchants and financial institutions, which can be leveraged in multiple ways in the future. However, investors must be clear that the IPO is a bet on the future and the ability of the company to fully leverage its network intangibles.

A Brief on the Anchor Allocation

The anchor issue of Pine Labs Ltd saw a strong response on 06th November 2025 with 44.77% of the IPO size absorbed by anchors. Out of 17,72,52,725 shares (1,772.53 lakh shares) on offer in the IPO, anchors picked up 7,93,58,986 shares (793.59 lakh shares) accounting for 44.77% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹221 per share. This includes the face value of ₹1 per share plus a share premium of ₹220 per share. The anchor bidding process opened and closed on 06th November 2025.

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Pine Labs Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

Anchor Allocation Investors

On 06th November 2025, Pine Labs Ltd allotted 7,93,58,986 shares to 71 anchor investors. The allocation was done at the upper IPO price band of ₹221 per share which resulted in overall anchor allocation of ₹1,753.83 crore. The anchors have already absorbed 44.77% of the total issue size of ₹3,917.29 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹854.83 crores, or, 48.74% of the overall anchor allocation of shares in Pine Labs Ltd done on November 06, 2025.

Data Source: BSE Filings (Value Allocated in ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251106-73&attachedId=f9c1de74-bf10-4805-999b-d28a96ffdffa

Out of the 7,93,58,986 shares allocated to the anchors in the IPO, there were a total of 3,75,02,848 shares allocated to mutual funds registered with SEBI. The allocation was made to 30 mutual fund schemes across 12 AMCs. Mutual funds accounted for 47.26% of the total anchor allocation of the IPO. Global FPIs, Sovereign Funds, AIFs, and insurance companies were also active in participating in the anchor allocation of Pine Labs Ltd.

Next Step in the IPO

Post the closure of the IPO subscription on 11th November 2025, the basis of allotment will be finalized on 12th November 2025 and the refunds will be initiated on 13th November 2025. In addition, the demat credits are expected to also happen on 13th November 2025 and the stock will list on 14th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 13th November 2025 under ISIN (INE15B701018).

IPO Subscription Status On Day-1

As of 5.15 pm on 07th November 2025, out of the 978.94 lakh shares on offer in the IPO (excluding anchor portion), Pine Labs Ltd saw bids for 129.08 lakh shares. This implies an overall subscription of 0.13X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Pine Labs Ltd was as under:

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to November 11, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-2

As of 5.15 pm on 10th November 2025, out of the 978.94 lakh shares on offer in the IPO (excluding anchor portion), Pine Labs Ltd saw bids for 531.13 lakh shares. This implies an overall subscription of 0.54X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Pine Labs Ltd was as under:

The subscriptions were led by the Retail Investors followed by the QIB investors and then the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to November 11, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-3

As of 5.15 pm on 11th November 2025, out of the 978.94 lakh shares on offer in the IPO (excluding anchor portion), Pine Labs Ltd saw bids for 2,409.39 lakh shares. This implies an overall subscription of 2.46X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Pine Labs Ltd was as under:

The subscriptions were led by the QIB Investors followed by the Retail investors and then the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also for QIB bids, although HNIs stayed away in this IPO. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Pine Labs Ltd was open up to November 11, 2025, and has closed for subscription as of the close of trading hours on November 11, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO stock.

About the Pine Labs Ltd

The IPO of Pine Labs Ltd opened on November 07th, 2025 and closed on November 11th, 2025. The IPO comprised of a fresh issue and an offer for sale (OFS) of 17,72,52,725 shares (1,772.53 lakh shares) worth ₹3,917.29 crore at the upper band price of ₹221 per share. The allotment status will be finalized by EOD of November 12, 2025. Here is how to check allotment status for the IPO of Pine Labs Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies).

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option

• Under Issue Name – Select Pine Labs Ltd from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Alternatively, Enter your PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verify you are not a robot

• Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Pine Labs Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity & SME IPO Details Option

• Under SELECT SYMBOL – Select PINELABS from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Enter your PAN (10-digit alphanumeric) number

• Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Pine Labs Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://kosmic.kfintech.com/ipostatus/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Pine Labs Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

• Enter the Application Number as it is

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

• First select the depository (NSDL / CDSL)

• Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)

• Enter the Client-ID in the second box

• For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

• Enter the 10-Character PAN number, available on your PAN card

• After you enter the PAN number, Enter the 6-digit numeric Captcha Code

• Click on Submit button

• Allotment status gets displayed on screen

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.