Pine Labs IPO Set to Open November 7, 2025, Targeting Rs 3,899 Crore

Pine Labs, a prominent player in India's merchant commerce sector, is set to launch its Initial Public Offering (IPO) starting Friday, November 7, 2025, and concluding on Tuesday, November 11, 2025. This book-built issue aims to raise approximately Rs 3,899.91 crore.

The IPO structure includes a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of Rs 1,819.91 crore by existing shareholders. The capital raised from the fresh issue will be utilized for business expansion, technological advancements, debt reduction, and general corporate purposes.

The price band for the IPO has been fixed between Rs 210 and Rs 221 per share. For retail investors, the minimum investment is set at Rs 14,807 for a lot size of 67 shares. For non-institutional investors, the minimum investment thresholds are Rs 2,07,298 for small NIIs and Rs 10,06,876 for big NIIs.

Axis Capital Ltd. is the lead manager, and Kfin Technologies Ltd. is the registrar for the issue. The grey market premium (GMP) as of November 6, 2025, stands at Rs 12, suggesting a potential listing price of around Rs 233 per share, indicating a modest premium of about 5.43%. Analysts note this suggests a cautious investor approach.

Pine Labs operates as a comprehensive merchant commerce platform, offering point-of-sale (POS) systems, digital payment solutions, and merchant financing services to businesses of all sizes. It enables unified payment acceptance across various methods like cards, digital wallets, and UPI. The company also has an international presence across Southeast Asia and the Middle East.

Impact: This IPO offers investors a significant opportunity to invest in a well-established technology firm in the payments sector. It could attract considerable retail and institutional interest, potentially boosting sentiment for tech IPOs, especially after recent market volatility. The listing could see active trading, impacting the stock exchange's tech index. Rating: 8/10.

Difficult Terms: * **IPO (Initial Public Offering)**: The first time a private company sells its shares to the public, allowing anyone to buy a piece of the company. * **Book-built Issue**: A method of IPO where the company determines the final share price based on investor demand gathered through a bidding process. * **Fresh Issue**: When a company issues entirely new shares to the public to raise money for its operations or expansion. * **Offer for Sale (OFS)**: Existing shareholders (like founders or early investors) sell some of their shares to new investors during the IPO. * **Red Herring Prospectus (RHP)**: A preliminary document filed with regulators that details the company's business, finances, and the proposed IPO, but without the exact price and quantity of shares until later. * **Grey Market Premium (GMP)**: An unofficial indicator where IPO shares are traded in a private market before their official listing, reflecting demand and potential listing gains. * **Price Band**: The specific range (lowest and highest price) within which investors can place their bids for IPO shares. * **Lot Size**: The minimum number of shares an investor must apply for in an IPO. * **sNII (Small Non-Institutional Investor)**: High-net-worth individuals applying for IPO shares with a bid value between Rs 2 lakh and Rs 10 lakh. * **bNII (Big Non-Institutional Investor)**: High-net-worth individuals applying for IPO shares with a bid value exceeding Rs 10 lakh. * **POS (Point-of-Sale)**: The physical location or device where a retail transaction is completed, such as a card reader at a shop.